Reply to 7K Mortgage on a HHI of 500k

Forum Index » Real Estate

Reply to "7K Mortgage on a HHI of 500k"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]If you earn $500k I don't think you need to be getting financial advice from an anonymous message board.

That said, how are you getting a $7k mortgage payment on a $1.2 home (unless you're including taxes and insurance)?  That's just not possible if you're paying 20% down.  If you haven't saved enough for a 20% down payment on your HHI then I'm skeptical you should be making such a large financial commitment.[/quote]

Good point! [b]Even if you're borrowing $1.2 million your principal and interest would be less than $7K even at today's higher-than-last-year's rates. Are you including taxes and/or homeowners insurance to get to $7K? [/b]In that case you can even more easily afford it. I missed the $1.2 million purchase price - buying a house that costs only 2.4x your gross income is very affordable for this area.[/quote]

Even with taxes and insurance $7K sounds very high for a $1.2M house - unless OP is putting down less than 20%.  We purchased a house at $1.21M, 20% down, our all in nut is $5100 and that includes taxes and insurance. granted we got in at the lower rate but I can't believe - and yes maybe I'm wrong - that the rate hike would cause the overall nut to go up by $2K.  [/quote]

Your taxes must be extremely low and you must have locked in a 2%. We borrowed 600 with stellar credit and our all in nut is only a grand less than yours on a 30 year at 4%[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics