So let me get this straight. The total debt service due on that type of mortgage over 3 years is ~49k, assuming you have a 30yr fixed at 5% on the whole balance. However, you are such a huge baller you were able to pay cash for your overpriced car but you can't even figure out, nor fix the fact, that your house mortgage isn't amortizing for 3 years and we're supposed to believe you got chucked into HAMP for no reason?
My payment was $2200. The rate at the time was 6.875% (MI was wrapped into the rate).
They put me into HAMP probably because the did it to a lot of people for the $1000 the government was paying for it.
I have no fucking clue and apparently they couldn't figure it out either.
Then we are supposed to believe that your house, with the 80k mis-applied payments (which is really 49k unless you paid more) really means that your house is $300k "flipped" , or has lost ~200k in value, so your "baller" house is only worth $56k?
Hell, you're supposed to be some super-awesome 6-figure baller and you're only living in a house that you bought for $256k at a little below the height of the housing market? We're supposed to think you're some super-genius because of that? If you live in FL your house has lost ~40% of its value since 2007 (haven't looked at Case-Shiller lately, just guesstimating).
I make a decent amount of money and what I pay in rent is far above a $256k house payment, but I refuse to buy a house yet nor am I stupid enough to buy a used car for cash but ridicule others who got 1.9% financing.
In reality, you're not a baller, you're not all that smart and you're really a liar. If you want to keep going I can keep making a fool out of you and your silly numbers. Otherwise, just clam up.
I worked for a Top 10 homebuilder. Ourselves and our peers believed 2007 was that end of things and it could not go down from there (assuming the homes were showing values close to their selling prices prior to the boom). That's were I bought at. My neighborhood is doing much worst than others around it due to being one of the few non-HOA areas with improved homes. The other areas are HOA's or much older homes that have not been improved.
Of course people like you that probably couldn't buy at the time will tell everyone you had it all figured out. You knew exactly how high the market would go, when the peak was and you have known the real bottom forever. It's all hindsight.
I didn't pay cash for my M3, I am at 3.5% interest on it with GAP insurance. I could have gotten 2.9% without GAP, but I am paying it over 3 years so it's not significant and that '$45k' is doing much better for me right now invested. I may have originally posted I was paying cash for it...that was my idea at first, but the market has gotten better so my money is making money again. It's probably going to be paid off in 2 years in reality. Also with the whole home thing I am going through my retirement is safe, but a paid off car could be a potential 'asset'...there is a lot more to it.
I am not sure where you are going with all your ideas, but yes my current house is beneath my means. My salary has more than doubled since I bought my home. My home is worth as of today on the county's assessor $83k. However, even with pools homes in my area are going for $70-75k at best. I may be able to close to double my salary again in a year or two providing the economy doesn't slip again. I will have to get my CCIE, which is a challenge; but doable.
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