# @daveramsey on Instagram

- **Type:** Image
- **Original URL:** https://www.instagram.com/p/Ct2j9dutXCZ
- **Gondola URL:** https://gondola.cc/posts/7700358-daveramsey-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/thumbnails/ad0bf79f85.jpg
- **Posted:** 2023-06-24T00:11:29.000+00:00
- **Account Owner:** Dave Ramsey (@daveramsey) — https://gondola.cc/daveramsey

## Caption

👆Great example of long-term perspective from @rachelcruze.

A monthly payment doesn't show the full picture. A 30-year mortgage will keep you in debt for double the time, AND it will cost you literally hundreds of thousands of dollars MORE... for the same house! This is why I only recommend a 15-year mortgage, never a 30-year loan.

Make sure you're actually ready to buy a home before you begin shopping around and catching house fever. That's a recipe for some bad money decisions. First, pay off all consumer debt using my Debt Snowball method, and then save 3-6 months' worth of expenses for a fully funded emergency fund. After that, work on saving up a down payment. If you're a first-time home buyer, a 5-10% down payment is okay. A 20% down payment is even better, because it will allow you to avoid paying more each month for private mortgage insurance (PMI). The larger a down payment you can save, the lower your loan amount will be, which will decrease your monthly payment.

Choose a home where the payment will be no more than 25% of your take-home pay on a 15-year, fixed-rate loan. In some parts of the country, that's not an easy thing to do. But, the math doesn't change because of the home prices where you live. If you buy a home that is more expensive for you than the guidelines I've outlined here, it will be tough for you to reach other financial goals. 

When you're ready, get in touch with a top real estate agent to walk alongside you through the process to get the best home for you and your budget. 

🔗 Click the link in my profile to find an agent near you that my team TRUSTS. 

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#repost @rachelcruze 

You want your house to be a blessing, not a burden. 

This is why I ALWAYS recommend a 15-year mortgage! A mortgage is the only type of debt I'm not made mad about—if you do it the smart way.

If you're ready to buy, make sure to find an agent who will help you find a home that's in your budget. Get in touch with one of Ramsey's Trusted real estate agents in your area at the link in my profile 🏠

#mortgage
#theramseyway

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## Tags

mortgage, theramseyway, repost

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