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

[rudder]

Zero. Cause I would just pay the full amount from my checking account. Of course that would deplete my life savings and the bank would come after me for writing a check that was $3,199,994.50 more than in my account.

 

[StageLeft]

I pay around $10k on our $1.5 million house, but I'm not sure I got such a good rate. But, basically it would be around double that.

 

[Rallispec]

Originally posted by: Skoorb
I pay around $10k on our $1.5 million house, but I'm not sure I got such a good rate. But, basically it would be around double that.

you mean you didn't just pay for the whole thing i cash up front? i'm dissapointed in you skoorb.

 

[StageLeft]

Originally posted by: Rallispec

Originally posted by: Skoorb
I pay around $10k on our $1.5 million house, but I'm not sure I got such a good rate. But, basically it would be around double that.

you mean you didn't just pay for the whole thing i cash up front? i'm dissapointed in you skoorb.

I was going to but instead I shuttled most of the money into an off shore money market account and my broker has made me about 22% annually over the past few years. I don't ask him how he does it and he doesn't tell.

 

[Hammer]

Originally posted by: Rallispec

Originally posted by: Skoorb
I pay around $10k on our $1.5 million house, but I'm not sure I got such a good rate. But, basically it would be around double that.

you mean you didn't just pay for the whole thing i cash up front? i'm dissapointed in you skoorb.

yeah, you suck. cash skoorb!

 

[lukatmyshu]

I am hoping to buy a house next year, and I make around 50000 a year. Thankfully I think I can ask my parents for the downpayment, so that will help a LOT (they've wanted to buy property up here for a while so while they're doing me a HUGE favor, it still helps them out a bit) PLUS I would take on a room-mate. My question is with these online forms, how do you add in the factor of an additional person paying rent ... I can't just add in the rent from the roommmate because then it becomes part of my income, and the calculator only uses a percentage of that ... but really that ENTIRE amount would go towards a mortgage payment. Any ideas?

 

[PlatinumGold]

Originally posted by: lukatmyshu
I am hoping to buy a house next year, and I make around 50000 a year. Thankfully I think I can ask my parents for the downpayment, so that will help a LOT (they've wanted to buy property up here for a while so while they're doing me a HUGE favor, it still helps them out a bit) PLUS I would take on a room-mate. My question is with these online forms, how do you add in the factor of an additional person paying rent ... I can't just add in the rent from the roommmate because then it becomes part of my income, and the calculator only uses a percentage of that ... but really that ENTIRE amount would go towards a mortgage payment. Any ideas?

you can't.

not without getting very complicated.

my parents lived with us when i bought my last house and there was no way i could get their financial support included without them co signing on the mortgage.

 

[Acts837]

With a price tag like that monthly payments down make people flinch. Besides the mortgage you would have all the other stuff like utilities and insurance. Yuk!

 

[kranky]

Good point. For super-expensive homes, the price of the home is just the start. Insurance and utilities won't be cheap. You'd probably need landscapers, someone to do snow removal (if in the north), etc. On top of the $15K payment it would probably cost another $3K for all that. Plus real estate taxes. And how much would it cost to furnish a home that expensive?

 

[Rallispec]

Originally posted by: kranky
Good point. For super-expensive homes, the price of the home is just the start. Insurance and utilities won't be cheap. You'd probably need landscapers, someone to do snow removal (if in the north), etc. On top of the $15K payment it would probably cost another $3K for all that. Plus real estate taxes. And how much would it cost to furnish a home that expensive?

what if it was a trailer home made of solid gold. You'd get an expensive house, without the hassle...


hmmm.....

 

[oog]

Originally posted by: PlatinumGold

Originally posted by: lukatmyshu
I am hoping to buy a house next year, and I make around 50000 a year. Thankfully I think I can ask my parents for the downpayment, so that will help a LOT (they've wanted to buy property up here for a while so while they're doing me a HUGE favor, it still helps them out a bit) PLUS I would take on a room-mate. My question is with these online forms, how do you add in the factor of an additional person paying rent ... I can't just add in the rent from the roommmate because then it becomes part of my income, and the calculator only uses a percentage of that ... but really that ENTIRE amount would go towards a mortgage payment. Any ideas?

you can't.

not without getting very complicated.

my parents lived with us when i bought my last house and there was no way i could get their financial support included without them co signing on the mortgage.

If you collect rent from your roommate, you do need to add it to your own income. Also, be careful about asking your parents for the downpayment. There is a maximum amount of money they can give you in a single year without invoking the gift tax. It used to be $10,000, but it may have gone up.

 

[SyahM]

I'd pay cash cuz there's no way i'd be paying the huge amount of finance charges. If I can't afford 100% payment, maybe sth like 80% downpayment ...

 

[dquan97]

Originally posted by: oog

Originally posted by: PlatinumGold

Originally posted by: lukatmyshu
I am hoping to buy a house next year, and I make around 50000 a year. Thankfully I think I can ask my parents for the downpayment, so that will help a LOT (they've wanted to buy property up here for a while so while they're doing me a HUGE favor, it still helps them out a bit) PLUS I would take on a room-mate. My question is with these online forms, how do you add in the factor of an additional person paying rent ... I can't just add in the rent from the roommmate because then it becomes part of my income, and the calculator only uses a percentage of that ... but really that ENTIRE amount would go towards a mortgage payment. Any ideas?

you can't.

not without getting very complicated.

my parents lived with us when i bought my last house and there was no way i could get their financial support included without them co signing on the mortgage.

If you collect rent from your roommate, you do need to add it to your own income. Also, be careful about asking your parents for the downpayment. There is a maximum amount of money they can give you in a single year without invoking the gift tax. It used to be $10,000, but it may have gone up.

Since his parents are two people, they can give at least $20K to him

 

[Ranger X]

Originally posted by: Skoorb

Originally posted by: Rallispec

Originally posted by: Skoorb
I pay around $10k on our $1.5 million house, but I'm not sure I got such a good rate. But, basically it would be around double that.

you mean you didn't just pay for the whole thing i cash up front? i'm dissapointed in you skoorb.

I was going to but instead I shuttled most of the money into an off shore money market account and my broker has made me about 22% annually over the past few years. I don't ask him how he does it and he doesn't tell.

Probably a drug lord.

 

[Vic]

Originally posted by: nicowju
bingo. current 30-yr mortgage rates are ~5.98%.

Not on a $2.56 million dollar loan (80% of $3.2 million dollar house). That's Jumbo non-conforming, way above the Fannie/Freddie cap of $322,700. On that size of loan, a borrower would be looking at roughly 7.5% on a 30 fixed.

To qualify for this loan, the borrower would need to put $640,000 down. P&I payments at 7.5% would be $17,899.89 per month. Property taxes and homeowners insurance would probably be another $3,500 each month for a total monthly payment of about $21,399.89. Minimum annual income needed to qualify would be about $750k. Credit would need to be 680 and above.

<- is not speaking for employer, this is just general education on the basic differences involved with Jumbo loans

 

[nicowju]

Originally posted by: Vic

Originally posted by: nicowju
bingo. current 30-yr mortgage rates are ~5.98%.

Not on a $2.56 million dollar loan (80% of $3.2 million dollar house). That's Jumbo non-conforming, way above the Fannie/Freddie cap of $322,700. On that size of loan, a borrower would be looking at roughly 7.5% on a 30 fixed.

To qualify for this loan, the borrower would need to put $640,000 down. P&I payments at 7.5% would be $17,899.89 per month. Property taxes and homeowners insurance would probably be another $3,500 each month for a total monthly payment of about $21,399.89. Minimum annual income needed to qualify would be about $750k. Credit would need to be 680 and above.

<- is not speaking for employer, this is just general education on the basic differences involved with Jumbo loans

ouch 7.5%! This is why I will NEVER mortgage/borrow

 

[Vic]

Originally posted by: lukatmyshu
I am hoping to buy a house next year, and I make around 50000 a year. Thankfully I think I can ask my parents for the downpayment, so that will help a LOT (they've wanted to buy property up here for a while so while they're doing me a HUGE favor, it still helps them out a bit) PLUS I would take on a room-mate. My question is with these online forms, how do you add in the factor of an additional person paying rent ... I can't just add in the rent from the roommmate because then it becomes part of my income, and the calculator only uses a percentage of that ... but really that ENTIRE amount would go towards a mortgage payment. Any ideas?

No mortgage lender allows boarders to be used as income in the debt ratio, sorry. You would have to add that person onto title and the loan which (if it's just a roommate) I'm sure you would not want to do.

 

[CPA]

Originally posted by: rudder
Zero. Cause I would just pay the full amount from my checking account. Of course that would deplete my life savings and the bank would come after me for writing a check that was $3,199,994.50 more than in my account.

LOL

 

[Vic]

Originally posted by: nicowjuouch 7.5%! This is why I will NEVER mortgage/borrow

What? From a historical perspective, that's a very low rate. In fact, as short a time ago as when Bush the first was president, rates were in double digits. You didn't think we were going to be in the 5's forever did you?

edit: formatting

 

[nicowju]

Originally posted by: Vic

Originally posted by: nicowjuouch 7.5%! This is why I will NEVER mortgage/borrow

What? From a historical perspective, that's a very low rate. In fact, as short a time ago as when Bush the first was president, rates were in double digits. You didn't think we were going to be in the 5's forever did you?

edit: formatting

i know it's a historically low rate, but nevertheless, i guess i'm just not used to borrowing (i just don't like paying interest)

 

[Vic]

Originally posted by: nicowju
i know it's a historically low rate, but nevertheless, i guess i'm just not used to borrowing (i just don't like paying interest)

No problem, it's a free country.

 

[StageLeft]

Originally posted by: nicowju

Originally posted by: Vic

Originally posted by: nicowjuouch 7.5%! This is why I will NEVER mortgage/borrow

What? From a historical perspective, that's a very low rate. In fact, as short a time ago as when Bush the first was president, rates were in double digits. You didn't think we were going to be in the 5's forever did you?

edit: formatting

i know it's a historically low rate, but nevertheless, i guess i'm just not used to borrowing (i just don't like paying interest)

So you bought your house with cash? Either it's a dump, or you're in the top top top bracket of people with the money needed to do that (unless you bought your first house at 45!).

 

[nicowju]

Originally posted by: Skoorb

Originally posted by: nicowju

Originally posted by: Vic

Originally posted by: nicowjuouch 7.5%! This is why I will NEVER mortgage/borrow

What? From a historical perspective, that's a very low rate. In fact, as short a time ago as when Bush the first was president, rates were in double digits. You didn't think we were going to be in the 5's forever did you?

edit: formatting

i know it's a historically low rate, but nevertheless, i guess i'm just not used to borrowing (i just don't like paying interest)

So you bought your house with cash? Either it's a dump, or you're in the top top top bracket of people with the money needed to do that (unless you bought your first house at 45!).

um, at no point did i say i bought a house... I'm merely expressing my views on how I feel like managing my finances. and why bring my age into this? i'm still in college, and i've been working my butt off for the past few summers saving up. so get your facts straight :disgust:

 

[StageLeft]

Originally posted by: nicowju

Originally posted by: Skoorb

Originally posted by: nicowju

Originally posted by: Vic

Originally posted by: nicowjuouch 7.5%! This is why I will NEVER mortgage/borrow

What? From a historical perspective, that's a very low rate. In fact, as short a time ago as when Bush the first was president, rates were in double digits. You didn't think we were going to be in the 5's forever did you?

edit: formatting

i know it's a historically low rate, but nevertheless, i guess i'm just not used to borrowing (i just don't like paying interest)

So you bought your house with cash? Either it's a dump, or you're in the top top top bracket of people with the money needed to do that (unless you bought your first house at 45!).

um, at no point did i say i bought a house... I'm merely expressing my views on how I feel like managing my finances. and why bring my age into this? i'm still in college, and i've been working my butt off for the past few summers saving up. so get your facts straight :disgust:

So, you're planning on buying your first house with cash, are you?

 

[nicowju]

Originally posted by: Skoorb

Originally posted by: nicowju

Originally posted by: Skoorb

Originally posted by: nicowju

Originally posted by: Vic

Originally posted by: nicowjuouch 7.5%! This is why I will NEVER mortgage/borrow

What? From a historical perspective, that's a very low rate. In fact, as short a time ago as when Bush the first was president, rates were in double digits. You didn't think we were going to be in the 5's forever did you?

edit: formatting

i know it's a historically low rate, but nevertheless, i guess i'm just not used to borrowing (i just don't like paying interest)

So you bought your house with cash? Either it's a dump, or you're in the top top top bracket of people with the money needed to do that (unless you bought your first house at 45!).

um, at no point did i say i bought a house... I'm merely expressing my views on how I feel like managing my finances. and why bring my age into this? i'm still in college, and i've been working my butt off for the past few summers saving up. so get your facts straight :disgust:

So, you're planning on buying your first house with cash, are you?

yup, a few years down the road. first, though, i need to graduate and work for a bit