Reply to How do so many young families have $80k SUVs?

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[quote=Anonymous][quote=Anonymous]If you are in the income bracket to have a $2 mil house and you still have a car payment you are doing something wrong.  [/quote]

I'm in that bracket and took my first car loan ever a few years ago.  I negotiated a cash car price during Covid, and when the car finally arrived the dealer offered some manufacturer-sponsored 1% loan.  So I took it and set up autopay.  My first and only car loan got repaid last December.

[quote=Anonymous]I just bought a $90k suv. The lease payment is only $1200, not even close to $2000. [/quote]

That sounds like a 7-year lease term with a 3% interest rate.  Shorter terms and more realistic interest rates will have higher payments.

[quote=Anonymous]In my dreams only would a $1MM house at today’s interests equal a $5K monthly payment[/quote]

That calculation matches my loan.  I put 20% down last year with a rate under 6% fixed for 10 years on a 30-year amortization schedule.  Interest rates have gone up a bit, but it is still close.

https://www.calculator.net/payment-calculator.html?ctype=fixpay&cloanamount=800%2C000&cloanterm=4&cmonthlypay=5000&cinterestrate=6&printit=0&x=Calculate#result

https://www.calculator.net/payment-calculator.html?ctype=fixpay&cloanamount=800%2C000&cloanterm=4&cmonthlypay=5%2C500&cinterestrate=7&printit=0&x=Calculate#result[/quote]

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