• Guest, The rules for the P & N subforum have been updated to prohibit "ad hominem" or personal attacks against other posters. See the full details in the post "Politics and News Rules & Guidelines."
  • Recovering from Halloween? Take part in our Spooky Giveaway to be in with a chance of replenishing your wardrobe. A simple riddle stands in your way. Visit the sweeptake thread over here.

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

Sluggo

Lifer
Jun 12, 2000
15,490
5
81
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
1,846
0
76
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?

 

Tret

Golden Member
Feb 6, 2003
1,846
0
76
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
 

Mill

Lifer
Oct 10, 1999
28,558
2
81
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
0
0
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
1,846
0
76
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?
 

Mill

Lifer
Oct 10, 1999
28,558
2
81
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
3,876
1
0
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.
 

orion7144

Diamond Member
Oct 8, 2002
4,425
0
0
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
 

Demon-Xanth

Lifer
Feb 15, 2000
20,551
2
76
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.
 

PlatinumGold

Lifer
Aug 11, 2000
23,168
0
71
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.
 

ASK THE COMMUNITY