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Real Estate
Reply to "When million-dollar-plus homes are purchased, do people put more than 20% down?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Wow. How do people handle that kind of monthly payment? [/quote] Why would being able to handle a high monthly payment be that different than being able to plunk down a very large lump sum for the down payment? I think the obvious answer is that there are some very wealthy people out there and especially in the DC area.[/quote] We put down 700K on a 1.5M house. We wanted to factor in the ability to live on one income if needed. Granted we have savings and investments, but I watched my mother spend just shy of 1M dollars keeping my father who was the sole breadwinner alive during a brutal battle with cancer. Once insurance is lost and you can't qualify for Medicaid and then you can't get insured and if you do the rates are through the roof and no treatments are covered, you burn through money as an astronomical rate. Losing that breadwinner even though his income was very high was financially devestating.[/quote]
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