How much would be the monthly payments for a 3.2million dollar home?
- Thread starter Tret
- Start date
deerslayer
Lifer
- Jan 15, 2001
- 10,153
- 0
- 76
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)
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)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.
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.
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.
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.
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.
Demon-Xanth
Lifer
- Feb 15, 2000
- 20,551
- 2
- 81
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.
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.
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"
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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