Anonymous
04/16/2014 10:31
Subject: When million-dollar-plus homes are purchased, do people put more than 20% down?
+1
I call this sort of nonsense "lawyer math"
I call this sort of nonsense "lawyer math"
Anonymous wrote:Anonymous wrote:We have a mortgage of just under $950,00 on a $1.5 m house in NWDC.
Since one can deduct interest paid on a mortgage from your federal taxes, it's smarter to not put too much down.
Such a fallacy. It's better not to put too much down because interest rates are lower than expected returns in the market.
Anonymous
04/16/2014 08:35
Subject: When million-dollar-plus homes are purchased, do people put more than 20% down?
Anonymous wrote:We put 20% down on a house around that price. We had no substantial savings and it was our first SFH. Our HHI is relatively high (300 with one income) and will likely increase.
For us, the monthly payments aren't too much for us, but we just didn't have the cash to put more down than 20% at the time.
Huh? I would call $200,000 "substantial savings".
Anonymous
04/16/2014 08:18
Subject: When million-dollar-plus homes are purchased, do people put more than 20% down?
Anonymous wrote:Wow. How do people handle that kind of monthly payment?
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.
Anonymous
04/16/2014 06:13
Subject: When million-dollar-plus homes are purchased, do people put more than 20% down?
Anonymous wrote:We have a mortgage of just under $950,00 on a $1.5 m house in NWDC.
Since one can deduct interest paid on a mortgage from your federal taxes, it's smarter to not put too much down.
Such a fallacy. It's better not to put too much down because interest rates are lower than expected returns in the market.
Anonymous
04/15/2014 22:51
Subject: When million-dollar-plus homes are purchased, do people put more than 20% down?
We have a mortgage of just under $950,00 on a $1.5 m house in NWDC.
Since one can deduct interest paid on a mortgage from your federal taxes, it's smarter to not put too much down.
Since one can deduct interest paid on a mortgage from your federal taxes, it's smarter to not put too much down.
Anonymous
04/15/2014 21:14
Subject: When million-dollar-plus homes are purchased, do people put more than 20% down?
We put down 5% on 800,000 home (VA loan). We decided to rent our 1st home rather than sell it for a larger down payment. If needed, we could sell the first home, but hope it will be worth more as an investment/rental property.
Anonymous
04/15/2014 20:42
Subject: When million-dollar-plus homes are purchased, do people put more than 20% down?
We rolled over $400k in equity to buy our $900k house. Nothing but good timing and a lot of luck on our part.
Anonymous
04/15/2014 20:40
Subject: When million-dollar-plus homes are purchased, do people put more than 20% down?
Anonymous wrote:20% down on 1.1. Wouldn't put too much more down to maximize tax benefit and diversify funds.
Exactly. We did just over 20 percent on 1.3 M. Especially when mortgage rates were crazy low, you can put that money to better use elsewhere.
Anonymous
04/15/2014 20:37
Subject: Re:When million-dollar-plus homes are purchased, do people put more than 20% down?
Anonymous wrote:We bought a $900k house with about $150k down. We have a $750k mortgage at 3.5% fixed which is how we're making it work. We expect we'll live in this house for a few years and then, hopefully, generate enough equity (through paydown and market) to have a bigger down payment on the next house (thinking around $1.2M). Slow and steady is how we look at it.
Do you have to pay a PMI because you didn't put 20% down?
Anonymous
04/15/2014 20:27
Subject: Re:When million-dollar-plus homes are purchased, do people put more than 20% down?
We owe 1 mil on a 1.25 mil house
Anonymous
04/15/2014 20:11
Subject: When million-dollar-plus homes are purchased, do people put more than 20% down?
We put down 5% down on a new 830k home with 3.23% 30 year va loan at the very bottom of the market. It is now worth 1.1 million a few years later and we owe 790k
Anonymous
04/15/2014 19:28
Subject: When million-dollar-plus homes are purchased, do people put more than 20% down?
20% down on 1.1. Wouldn't put too much more down to maximize tax benefit and diversify funds.
Anonymous
04/15/2014 19:27
Subject: Re:When million-dollar-plus homes are purchased, do people put more than 20% down?
We're in the market for a new house. Looking at the $1.2M-1.4M range and will put about $500-600K down.
Anonymous
04/15/2014 19:23
Subject: Re:When million-dollar-plus homes are purchased, do people put more than 20% down?
We put 300 down on a 1.05 home. We could have put more down but wanted to keep the money in other investments.
Anonymous
04/15/2014 19:21
Subject: When million-dollar-plus homes are purchased, do people put more than 20% down?
$2.7 house with 900k down.