How much would i have to pay monthly for a 900k house?

amnesiac

Lifer
Oct 13, 1999
15,781
1
71
Holy shite, what kind of work do you to afford that kind of house? And where are you looking?
 

ebaycj

Diamond Member
Mar 9, 2002
5,418
0
0
With a principal of $800,000.00 at an interest rate of 6.0% for 360 months, you will get a payment of $4800 a month ($4796.41).


However, you SHOULD be able to get SIGNIFICANTLY lower interest rate than 6% if you are even considering a house that costs nearly $1,000,000.00.

ebaycj
 

FelixDeCat

Lifer
Aug 4, 2000
30,060
2,446
126
Originally posted by: ebaycj
With a principal of $800,000.00 at an interest rate of 6.0% for 360 months, you will get a payment of $4800 a month ($4796.41).


However, you SHOULD be able to get SIGNIFICANTLY lower interest rate than 6% if you are even considering a house that costs nearly $1,000,000.00.

ebaycj

Uh no. If you borrow more than $327,000 its called a 'jumbo' loan and you pay SIGNIFICANTLY more!
 

FelixDeCat

Lifer
Aug 4, 2000
30,060
2,446
126
Originally posted by: fyleow
Originally posted by: FelixDeKat
6% = 5,775.69 for 30 years

That's not correct, interest keeps compounding monthly

lol. it is correct. part of that payment reduces principal. there is no compounding involved. this isnt a savings account its a loan.
 

Sluggo

Lifer
Jun 12, 2000
15,488
5
81
Originally posted by: FelixDeKat
Originally posted by: ebaycj
With a principal of $800,000.00 at an interest rate of 6.0% for 360 months, you will get a payment of $4800 a month ($4796.41).


However, you SHOULD be able to get SIGNIFICANTLY lower interest rate than 6% if you are even considering a house that costs nearly $1,000,000.00.

ebaycj

Uh no. If you borrow more than $327,000 its called a 'jumbo' loan and you pay SIGNIFICANTLY more!

Yep, no bargain bin rates on jumbo loans.