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Reply to "am i insane for considering this? 820k mortgage on a 240k income"
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[quote=Anonymous][quote=Anonymous][b]So PITI of about 3600/mo[/b] or 43K/yearly? Or 18% of gross income? Doesn't seem to be a problem. PITI to income is the only ratio that matters. i.e. interest rates matter! Interest+Payments on $820K principal today at [b]30years/2.5%[/b] is $2,963/mo. The same payment on 30year/6.5% - which is what is was in 2008 - would correspond to a $475K loan. If they had said they were getting a 475K mortgage on a 240 income, nobody would bat an eye. [/quote] It's a first house, jumbo loan, less than 20% down, for people who are feds (no doctor/law firm special rates). They're not getting 2.5%. They should budget it to something closer to 3600 for PI alone, and depending on where the house is it could be another 600-900/month for property tax, and they're either getting a higher rate up front or adding PMI for the fact they only have 16% to put down. You showed your math and your math was bad. [/quote]
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