How many years is for the average person?Originally posted by: deerslayer
I don't know, how many years are you going to be paying for it?
640,000 payments/months, if you get it interest free. Not a bad deal. I can swing $5 a month.Originally posted by: minendo
5 dollar
O sh*tOriginally posted by: Sluggo
Assuming 20% down and a 6% loan for 30 years:
The monthly payment would be $15,348.49.
Your total interest costs for this loan would be $2,965,459.86
uhh, is this house for you? If you can afford a 3.2 million dollar home, I hope you could answer these questions. 15 years seems to be a good number.Originally posted by: Tret
How many years is for the average person?Originally posted by: deerslayer
I don't know, how many years are you going to be paying for it?
So you need to make about 700k a year what jobs pay that much?Originally posted by: Sluggo
Assuming 20% down and a 6% loan for 30 years:
The monthly payment would be $15,348.49.
Your total interest costs for this loan would be $2,965,459.86
So to be "safe" you would want a $60,000 monthly income (mortgage payment no more than 25% of your monthly salary)
Originally posted by: boyRacer
if i could afford a $3 million house... i don't think id be paying for it monthly.
Owner of your own "established" companyOriginally posted by: Tret
So you need to make about 700k a year what jobs pay that much?Originally posted by: Sluggo
Assuming 20% down and a 6% loan for 30 years:
The monthly payment would be $15,348.49.
Your total interest costs for this loan would be $2,965,459.86
So to be "safe" you would want a $60,000 monthly income (mortgage payment no more than 25% of your monthly salary)
bingo. current 30-yr mortgage rates are ~5.98%.Originally posted by: conjur
Originally posted by: boyRacer
if i could afford a $3 million house... i don't think id be paying for it monthly.
Originally posted by: conjur
Originally posted by: boyRacer
if i could afford a $3 million house... i don't think id be paying for it monthly.
Bingo.Originally posted by: boyRacer
if i could afford a $3 million house... i don't think id be paying for it monthly.
I disagree. 20% of 60k / year is about right. if you are bringing home 60k / month you can afford to have 40 to 50% of your income going to mortgage. it's not a linear scale.Originally posted by: Sluggo
Assuming 20% down and a 6% loan for 30 years:
The monthly payment would be $15,348.49.
Your total interest costs for this loan would be $2,965,459.86
So to be "safe" you would want a $60,000 monthly income (mortgage payment no more than 25% of your monthly salary)