sanitation@lemmy.today to me_irl@lemmy.world · 2 months agoMe_irllemmy.todayimagemessage-square116linkfedilinkarrow-up11arrow-down10
arrow-up11arrow-down1imageMe_irllemmy.todaysanitation@lemmy.today to me_irl@lemmy.world · 2 months agomessage-square116linkfedilink
minus-squaredparticiple@sh.itjust.workslinkfedilinkarrow-up0·2 months agoMy math says that the monthly principal+interest on that house is more like $4,300 a month, assuming: Purchase price: $850,000 Down payment (20%): $170,000 Loan amount: $680,000 Interest rate: 6.5% fixed Term: 30 years (360 months) Not insignificant, but not wildly off like the infographic.
minus-squareBCsven@lemmy.calinkfedilinkarrow-up0·2 months agoWe don’t do 30 years here anymore. Its 25, and most people can’t do the 20% down, its 5% for first time homebuyer
minus-squareEndlessNightmare@reddthat.comlinkfedilinkarrow-up0·2 months agoFun fact: the increase in monthly payment going from a 30-year down to a 20-year mortgage is less than 20-year to 15-year. This is also why the talk about longer mortgages should be a non-starter.
minus-squarethallamabond@lemmy.worldlinkfedilinkarrow-up0·2 months agoYou gotta roll home owners insurance in there, and taxes.
minus-squaredparticiple@sh.itjust.workslinkfedilinkarrow-up0·2 months agoThat’s realistic, but the infographic doesn’t include tax and insurance. Working backwards, it has: Home price: $600,000 Down payment (20%): $120,000 Loan amount: $480,000 Interest rate: 3.0% fixed Term: 30 years (360 months) The monthly principal-and-interest payment is exactly as the post said, $2024 / month. Has insurance gone up? Absolutely? Have property taxes generally rise? They have. But this is an honest like-for-like comparison.
minus-squareZombiFrancis@sh.itjust.workslinkfedilinkarrow-up0·2 months ago$2024 > $4300 is more than double, while also assuming saving an extra $50,000 in downpayment while that cost increased. Although the down payment has less impact. But nonetheless, that lower payment boosts the loan to about $4600. Wages aren’t doubling.
minus-squaredparticiple@sh.itjust.workslinkfedilinkarrow-up0·2 months agoOh, I agree with you, and concur with the spirit of the infographic. I just like accurate calculations!
minus-squareBlum0108@lemmy.worldlinkfedilinkarrow-up0·2 months agoWho has 120k lying around for a down payment?
minus-squareduckwingthegoose@lemmy.worldlinkfedilinkarrow-up0·2 months agoSomeone selling a home they already own. I know thats not helpful to most, but thats the only realistic way to have 120k sitting around
My math says that the monthly principal+interest on that house is more like $4,300 a month, assuming:
Not insignificant, but not wildly off like the infographic.
We don’t do 30 years here anymore. Its 25, and most people can’t do the 20% down, its 5% for first time homebuyer
Fun fact: the increase in monthly payment going from a 30-year down to a 20-year mortgage is less than 20-year to 15-year.
This is also why the talk about longer mortgages should be a non-starter.
You gotta roll home owners insurance in there, and taxes.
That’s realistic, but the infographic doesn’t include tax and insurance. Working backwards, it has:
The monthly principal-and-interest payment is exactly as the post said, $2024 / month.
Has insurance gone up? Absolutely? Have property taxes generally rise? They have. But this is an honest like-for-like comparison.
$2024 > $4300 is more than double, while also assuming saving an extra $50,000 in downpayment while that cost increased.
Although the down payment has less impact. But nonetheless, that lower payment boosts the loan to about $4600.
Wages aren’t doubling.
Oh, I agree with you, and concur with the spirit of the infographic. I just like accurate calculations!
Who has 120k lying around for a down payment?
Someone selling a home they already own. I know thats not helpful to most, but thats the only realistic way to have 120k sitting around