How much would be the monthly payments for a 3.2million dollar home?

Tret

Golden Member
Feb 6, 2003
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#1
Just wondering
 

minendo

Elite Member
Aug 31, 2001
35,546
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#2
5 dollar
 
Jan 15, 2001
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#4
I don't know, how many years are you going to be paying for it?
 
Oct 1, 2001
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#7
if i could afford a $3 million house... i don't think id be paying for it monthly.
 
Jun 12, 2000
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#8
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" :D you would want a $60,000 monthly income (mortgage payment no more than 25% of your monthly salary)

 

Tret

Golden Member
Feb 6, 2003
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#9
Originally posted by: deerslayer
I don't know, how many years are you going to be paying for it?
How many years is for the average person?

 

austin316

Diamond Member
Dec 1, 2001
3,572
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#10
Originally posted by: minendo
5 dollar
640,000 payments/months, if you get it interest free. Not a bad deal. I can swing $5 a month.
 

Tret

Golden Member
Feb 6, 2003
1,845
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#11
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
O sh*t
 
Oct 10, 1999
28,558
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#12
What kind of downpayment? What kind of loan? What kind of interest? 0 down, 5.5% interest, 30 year loan, will run about 18169.25.

Just use an amortization calendar. Most people put a fair amount down on a house that would cost that much if not pay for a majority of it outright. I am not sure of the tax savings or what not by having a mortgage on that type of house...

I would think that you would want to put 20% down to avoid PMI considering it would be pretty hard to get financed for the full 3.2 Mill unless you had a high networth and income.
 

austin316

Diamond Member
Dec 1, 2001
3,572
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#13
Originally posted by: Tret
Originally posted by: deerslayer
I don't know, how many years are you going to be paying for it?
How many years is for the average person?
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.
 

Tret

Golden Member
Feb 6, 2003
1,845
0
0
#14
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)
So you need to make about 700k a year what jobs pay that much?
 
Oct 10, 1999
28,558
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#15
Don't forget utilities, homeowner's, maintenance, supplies, etc. You are looking at a good 25-30k a month as a conservative estimate including a mortgage IMHO.
 

prvteye2003

Diamond Member
Jun 19, 2003
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#16
depends on the length of the loan, %age of the loan, etc. But a 3.2m mortgage at 6% for 30 years would be somewhere around 18k-20k/month.
 
Nov 21, 2001
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#17
Bah, I paid cash for mine!
 

conjur

No Lifer
Jun 7, 2001
58,687
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#18
Originally posted by: boyRacer
if i could afford a $3 million house... i don't think id be paying for it monthly.
 

orion7144

Diamond Member
Oct 8, 2002
4,425
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#19
Originally posted by: Tret
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)
So you need to make about 700k a year what jobs pay that much?
Owner of your own "established" company
 

nicowju

Diamond Member
Jan 30, 2001
3,880
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#20
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. current 30-yr mortgage rates are ~5.98%.
 

CChaos

Golden Member
Mar 4, 2003
1,586
0
0
#23
Originally posted by: boyRacer
if i could afford a $3 million house... i don't think id be paying for it monthly.
Bingo.

 
Feb 15, 2000
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#24
Man, this is depressing. I found an online calculator, and to afford a house by the 25% "safe" amount, I would have to find one for $100k. Which in California means "Van down by the river".

Edit:
For an average 2bed/1 bath house, I'd have $1100/mo payments. But given that my cousin and his roomates are paying $1300/mo on rent for an apartment, that seems reasonable.
 
Aug 11, 2000
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#25
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" :D you would want a $60,000 monthly income (mortgage payment no more than 25% of your monthly salary)
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.
 

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