sanitation@lemmy.todayBanned from community to me_irl@lemmy.world · 12 days agoMe_irllemmy.todayimagemessage-square133linkfedilinkarrow-up1579arrow-down135
arrow-up1544arrow-down1imageMe_irllemmy.todaysanitation@lemmy.todayBanned from community to me_irl@lemmy.world · 12 days agomessage-square133linkfedilink
minus-squaredparticiple@sh.itjust.workslinkfedilinkarrow-up13arrow-down1·12 days 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-squareBlum0108@lemmy.worldlinkfedilinkarrow-up8·12 days agoWho has 120k lying around for a down payment?
minus-squareduckwingthegoose@lemmy.worldlinkfedilinkarrow-up2·11 days 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
minus-squareEndlessNightmare@reddthat.comlinkfedilinkarrow-up1·edit-211 days agoThat’s “only” (checks average income in the U.S.) 2 years of average income in the U.S. Oh, and that’s $120K after tax
minus-squareZombiFrancis@sh.itjust.workslinkfedilinkarrow-up6·12 days 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-up3·11 days agoOh, I agree with you, and concur with the spirit of the infographic. I just like accurate calculations!
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.
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
That’s “only” (checks average income in the U.S.) 2 years of average income in the U.S.
Oh, and that’s $120K after tax
$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!