This is a very interesting question as I am looking to get a house in early spring.
WG
WG
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I play with Google. -
51 house buyers!
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Want to share a million dollar house?Originally posted by WiredGuy
This is a very interesting question as I am looking to get a house in early spring.
WGComment
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$500k house = ~ $1600 mortgage payment. I think you are supposed to calculate your affordable residence at 1/3 of yer income, so maybe $4800 monthly income?I'm waiting for the Mr Fushion Fleshlight so I can wank my way back to the future!Comment
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Want to live in Waterloo?Originally posted by detoxed
Want to share a million dollar house?
WGI play with Google.Comment
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$1600 mortgage payment? I want the drugs you are on. I have a fucking $136k house with a $1000 payment.Originally posted by Eve
$500k house = ~ $1600 mortgage payment. I think you are supposed to calculate your affordable residence at 1/3 of yer income, so maybe $4800 monthly income?Comment
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At least 150k$ / year !UUGallery Builder - automated photo/video gallery plugin for Wordpress!
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20 or 30 year though?Originally posted by detoxed
$1600 mortgage payment? I want the drugs you are on. I have a fucking $136k house with a $1000 payment.
Also, I said approximate...
I have a buddy who has a $200k house who pays $898 a month. I still rent, house is about $350k and only pay $925 a month.Last edited by Eve; 10-31-2004, 01:51 PM.I'm waiting for the Mr Fushion Fleshlight so I can wank my way back to the future!Comment
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A $500k house, 30 year, and 1% interest is $1608. 20% down, 6.5% interest, its $2528Originally posted by Eve
20 or 30 year though?
Also, I said approximate...
I have a buddy who has a $200k house who pays $898 a month. I still rent, house is about $350k and only pay $925 a month.Comment
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Originally posted by Eve
20 or 30 year though?
Also, I said approximate...
I have a buddy who has a $200k house who pays $898 a month. I still rent, house is about $350k and only pay $925 a month.
Well we'd need to know his equity, and whether its an interest only loan to know anything about his situationComment
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Originally posted by detoxed
Well we'd need to know his equity, and whether its an interest only loan to know anything about his situation
true...the real estate market in AZ is retarded, so stuff like this happens everyday. Last time I looked, that stat was every one in three AZ resident has a real estate license...scaryI'm waiting for the Mr Fushion Fleshlight so I can wank my way back to the future!Comment
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We live in a free world and everyone has his own priorities.Originally posted by steve90
i like the ppl that wont spend 500k on a house but have no problem dropping 100k on a stupid ass carI don't use ICQ anymore.Comment
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LOL its not a free world.Originally posted by polish_aristocrat
We live in a free world and everyone has his own priorities.Comment
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Originally posted by KRL
Traditionally your mortgage payment should be approx 1/3rd of your income.
If you put down $100,000 your mortgage would be $400K. Ona 5.25% 30 yr fixed your payment would be around $2,200. Depending where you live figure in your property tax, and the other costs and I'd say you should be making around $150K to afford it comfortably.
If you buy a $500,000.00 home, you should also consider the extra cost for the increased utilities, digital cable and high-speed Internet access costs incurred from me living in your basement. You should also adjust your food expenditure to cover my ?meals? and ?snacks? and I will also need a monthly ?party? budget. I think you will hardly notice these extra costs.Comment
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in southern california a 500k house is nothing.Comment
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Another way of doing a rough estimate, which is a little inaccurate since it doesn't factor in current rates, is that lenders don't like to lend more than 2 or 2.5 times your annual income, and they like to see 20% down. Plenty of exceptions depending on your other assets and other factors, and you can put less down, but it's good for rough estimates. So 20% down on a $500k home is $100k, with a $400k loan. If you're optimistic then, $160k a year income times 2.5 is $400k. A number of people have suggested $150k, and that's in the ballpark.
Others have also mentioned the importance of stability, with which I'd also agree. If you're a professional who can move between $150k/year jobs where you live without a lot of trouble, that's one thing. If you're a webmaster who made $50k last year, and are making $150k this year, a more conservative home purchase might be better. Maybe your income will continue going up, but this can be a volatile industry.Comment
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I never said they were not in title to do what they want with their money I just said is was a very stupid choiceOriginally posted by polish_aristocrat
We live in a free world and everyone has his own priorities.Comment
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I've been looking into houses here and most are 100-150k for something decent, but there is nothing over 150k it seems like. Well there is one right next to the highway about 6 miles out of town that is 360k but that is it really. There just really isn't much for nice houses here. Sucks assComment
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Only an idiot would pay cash for a home at current interest rates.Originally posted by seven
pay cash for it so you can avoid all the lectures
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about 250k a year, so I have enough to put in the bank, while paying for it.
my 2 cents. Maybe I am on the safe sidePornGuy skype me pornguy_epic
AmateurDough The Hottes Shemales online!
TChicks.com | Angeles Cid | Mariana Cordoba | MAILERS WELCOME!Comment
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Only an idiot would shoot his mouth without knowing what he's talking about. Even with current interest rate locked for 25 years one will pay more than $500k in interest alone on a $500k house so get your head outta your ass.. ah! sorry didn't notice your name was "broke" lol. Besides, he surely didn't get to 20k/mon over night so i'm sure he has enough money saved up to make 100% down or atleast will in the near future.Originally posted by broke
Only an idiot would pay cash for a home at current interest rates.Comment
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What if I made about $10k taxable income in 2003, and about $200k in 2004? I was in school for half of 2003, and not self employed eitherOriginally posted by arg
Another way of doing a rough estimate, which is a little inaccurate since it doesn't factor in current rates, is that lenders don't like to lend more than 2 or 2.5 times your annual income, and they like to see 20% down. Plenty of exceptions depending on your other assets and other factors, and you can put less down, but it's good for rough estimates. So 20% down on a $500k home is $100k, with a $400k loan. If you're optimistic then, $160k a year income times 2.5 is $400k. A number of people have suggested $150k, and that's in the ballpark.
Others have also mentioned the importance of stability, with which I'd also agree. If you're a professional who can move between $150k/year jobs where you live without a lot of trouble, that's one thing. If you're a webmaster who made $50k last year, and are making $150k this year, a more conservative home purchase might be better. Maybe your income will continue going up, but this can be a volatile industry.
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Originally posted by seven
Only an idiot would shoot his mouth without knowing what he's talking about. Even with current interest rate locked for 25 years one will pay more than $500k in interest alone on a $500k house so get your head outta your ass.. ah! sorry didn't notice your name was "broke" lol. Besides, he surely didn't get to 20k/mon over night so i'm sure he has enough money saved up to make 100% down or atleast will in the near future.
Seeing as you could probably put $500k into a high interest CD, get 5%, get a mortgage for 6% and only pay 1% interest.Comment
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Even with a 1% interest you'll be paying about 100,000 in interest on a $500k loan over 25 years. Why would you wanna pay a penny in interest if you could afford to pay cash? It's an asset, value of which will most likely appreciate, an asset you could always fall back on if you were to face rainy days then why want the headache? Loans are for people who couldn't otherwise afford it, in your case, you could afford it plus with your current income it would only take you few years to come up with another $500k to get your cert of deposit withOriginally posted by detoxed
Seeing as you could probably put $500k into a high interest CD, get 5%, get a mortgage for 6% and only pay 1% interest.
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500k a month.
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yupOriginally posted by bdld
in southern california a 500k house is nothing.
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Originally posted by seven
Only an idiot would shoot his mouth without knowing what he's talking about. Even with current interest rate locked for 25 years one will pay more than $500k in interest alone on a $500k house so get your head outta your ass.. ah! sorry didn't notice your name was "broke" lol. Besides, he surely didn't get to 20k/mon over night so i'm sure he has enough money saved up to make 100% down or atleast will in the near future.
It's pointless to argue with someone so clueless...Comment
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then don't argue, just clue me inOriginally posted by broke
It's pointless to argue with someone so clueless...
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i live in a 635k house and pay $3800/mo mortgage. $2300 in interested, $800 in insurance, $200 in escrow and $500 principle.what?!Comment
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They say you should buy a house that is 3 times as much as you make a year. So a $500k house should have a household income of $166k+. Taxes go up, homeowners insurance premiums go up, make sure your income can follow suit.Comment
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500k house? on 150k salary? no way..
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most mortgage companies look at how much your putting down over your salary. as long as you make 60% more of what your payment will be. they want your monthly mortgage payment to be under 40% of your total wages before taxesOriginally posted by DukeSkywalker
500k house? on 150k salary? no way..
Dukewhat?!Comment
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depends on location, you can get raped with taxes/insurance. i just bought my first house a year ago and i live in a very cheap area. even though i can afford a lot nicer im just going to live here until i get a lot more saved up and invested.I host with VacaresComment
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800/mo insurance? Which insurance would that be? Only thing I could think of is HomeProtector Life & Disability Insurance but that shouldn't be more than 50 bucks/mo..Originally posted by adrenalinedef
$800 in insuranceComment
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i use my home as an office to, so it covers all my personal and business property from theft, it covers all natural disaters, weather, fire, etc. I live in a flood area since my house is on a lake, so it includes flood protectionOriginally posted by seven
800/mo insurance? Which insurance would that be? Only thing I could think of is HomeProtector Life & Disability Insurance but that shouldn't be more than 50 bucks/mo..what?!Comment
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payments on it with taxes would probably only be about 1/3 of your salary without even having a down payment.Originally posted by DukeSkywalker
500k house? on 150k salary? no way..
DukeI host with VacaresComment
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probably wont happen.Originally posted by detoxed
What if I made about $10k taxable income in 2003, and about $200k in 2004? I was in school for half of 2003, and not self employed either
I host with VacaresComment
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Take the above example with 20% down and a 400K mortgage with assume a 6% interest rate on a 20 year mortgage:Originally posted by seven
then don't argue, just clue me in
Interest paid on a $400K loan: $ 287,773.81
Total payments: $687,773.81
Let's now look at a $400K inventment compounded annually for 20 years at 3%:
$722,444.49Last edited by broke; 10-31-2004, 09:44 PM.Comment
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20k sounds good if you have some personal savings as well. Just make sure not to overpay the house you want, the prices are very high at the moment. Don't be rushed and do a lot of research. Good luck with it.Comment
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I can't find the tool to verify this amount with but I'd still pay down the mortgage instead of trying to make whatever profit (even if it was 10% on the money like investing in real estate etc). I like to stay debt-free. I'd rather have my money turned into asset than liquid no matter how lucrative. Like i said I'd pay off the house first then do whatever with my money cos that's a safer bet but that's just me tthou.Originally posted by broke
Take the above example with 20% down and a 400K mortgage with assume a 6% interest rate on a 20 year mortgage:
Interest paid on a $400K loan: $ 287,773.81
Total payments: $687,773.81
Let's now look at a $400K inventment compounded annually for 20 years at 3%:
$722,444.49Comment
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i wouldn't buy a 500k house. if i was paying that much for real estate it would have to be for commercial real estate or buildingsComment
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Originally posted by FlyingIguana
i wouldn't buy a 500k house. if i was paying that much for real estate it would have to be for commercial real estate or buildings
SIG TOO BIGComment
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http://www.mortgage-calc.com/mortgage/simple.phpOriginally posted by seven
I can't find the tool to verify this amount with but I'd still pay down the mortgage instead of trying to make whatever profit (even if it was 10% on the money like investing in real estate etc). I like to stay debt-free. I'd rather have my money turned into asset than liquid no matter how lucrative. Like i said I'd pay off the house first then do whatever with my money cos that's a safer bet but that's just me tthou.
you have to look at it like even though you're paying that much interest over that time, the houses value will most likely increase more than how much you're paying.I host with VacaresComment
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That's cool and your perogative...Originally posted by seven
I can't find the tool to verify this amount with but I'd still pay down the mortgage instead of trying to make whatever profit (even if it was 10% on the money like investing in real estate etc). I like to stay debt-free. I'd rather have my money turned into asset than liquid no matter how lucrative. Like i said I'd pay off the house first then do whatever with my money cos that's a safer bet but that's just me tthou.
At 7% it would be $1,547,873.78 (compounded annually over the same period)... I prefer not to leave money like that on the table.
To each their own though.
Last edited by broke; 10-31-2004, 10:21 PM.Comment
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whats so funny? if i was a billionaire i'd have a house that was around 200k-300k. even then i would only take one floor and rent out the rest.Originally posted by Amputate Your Head
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It's scary how much some banks are prepared to lend. Their "you can borrow up to this much" quotes went so high that we would have ended up paying 70-80% of our income into the mortgage each week. The actual figure we borrowed results in repayment amounts of less than 20% of our income.
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you do realize you can profit from a personal home right ?Originally posted by FlyingIguana
i wouldn't buy a 500k house. if i was paying that much for real estate it would have to be for commercial real estate or buildingsComment
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Originally posted by FlyingIguana
whats so funny? if i was a billionaire i'd have a house that was around 200k-300k. even then i would only take one floor and rent out the rest.
LOL and i'd rob your ass blindComment
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please.....Originally posted by FlyingIguana
whats so funny? if i was a billionaire i'd have a house that was around 200k-300k. even then i would only take one floor and rent out the rest.
you clearly are not in touch with reality.
SIG TOO BIGComment
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