A lot of people make jokes about how the price of every day items is going up. Coffee, hand bags, dinners out of the house, video game systems, and trips to Disney are all subject to the “I need a mortgage to do this” joke.
At Federal Home Loan Centers, we thought it would be funny to put into perspective just how many of these daily items you could get with a mortgage. For all the examples, we will use a hypothetical $200,000 home loan example.
With a $200,000 home loan, you can buy 85,106 Venti hot coffees, or 43,010 Venti Caramel Macchiatos, or 67,796 Venti Iced Coffees, or 40,404 Venti Mocha Frappuccinos. To put into perspective – there are 365 days in a year, so you would have enough money with this mortgage to get one of these large-sized items from the coffee chain every day for over 100 years (over 200 years for just large hot coffees).
Let’s say a dinner for one person at a chain restaurant is $15 with a tip, or $25 if you buy yourself drinks. You could go out to dinner over 13,000 times, or 8,000 times if you enjoy libations with your meal. This would be going out to eat every day for 21 to 35 years.
If we were to factor in fast food, which would be $6 to $10 per meal, you could have 20,000 to over 33,000 fast food meals with a $200,000 mortgage. This would be one fast food meal every day for 54 to 90 years. This is, of course, if the likely unhealthy fast food doesn’t kill you first.
The Playstation 4 is currently priced at $400, the Xbox One at $350, and the Nintendo 3DS is $200. You can buy 500 PS4s, or 571 Xboxes, or 1,000 Nintendo 3DS handhelds.
Let’s say the typical designer hand bag is $150 at an outlet store or $300 full price, with examples like Michael Kors and Kate Spade. You would have enough with a $200,000 loan to get 666 to 1,333 handbags. Is your closet big enough for all of those bags, though?
Concert tickets can cost anywhere from $25 to $100 for regular seats, and can go into the upper hundreds to lower thousands for a VIP experience. If we are to factor in $75 for a typical, decent seat at a concert, you could attend 2,666 concerts. That’d be a concert a day for over seven years.
Putting this into perspective – yes, there are many Disney parks. In the United States, as well as internationally, there are many Disney choices you have.
For Disney World in Florida, there are four parks in the system. For a two day park hopper to properly experience all there is to offer, it will be $257 per adult and $243 for a child aged 3 to 9. For a vacation package with a hypothetical family of two parents and one child, aged 8, for over a week’s stay, it’s a minimum of $2,000 for the whole family. In comparison to the home loan price, this would be 100 all-inclusive Disney World trips, or 778 adult two day park hoppers, or 823 child park hopper tickets.
Then, for Disneyland and California Adventure right next door, there is a one day park hopper pass, which will be $155 for one person and $149 for a child between ages 3 to 9. Or if you choose one of their vacation packages, you can stay in one of their hotels for $260 to $380 a night, but it includes free park admission and discounts on other items such as food. This is about 1,290 adult or kids tickets, or 526 to 769 nights in a Disneyland hotel.
So to put this into perspective, you can either have over 100 years of daily Starbucks, over two decades of daily restaurant meals, over a half a decade of daily fast food meals, over 500 video game systems, close to 1,000 designer handbags, daily concerts for seven years, and a lot of Disney tickets for $200,000. Or, you could have a home to hand down, generation to generation, and stop wasting money on rent once the home is paid off over a period of 15 to 30 years. There is some outlook, for you.
If you want more information on getting a mortgage, please fill out an application on our site or call us at 877-432-5626. We also welcome you to tweet us @FedHomeLoan.