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-squarejulysfire@lemmy.worldlinkfedilinkarrow-up7·10 days agoIt could be. The very key thing that is left out of both is the down payment amount
minus-squareTolos@lemmy.worldlinkfedilinkarrow-up6·10 days ago600k at 3%, you need 229k down (38%) to pay $2,025/mo (assuming extremely low property tax and insurance). 850k at 8.5%, you need 40k down (4.71%) to pay $6,850/mo (assuming extremely low property tax and insurance). 40k seems like a much more reasonable down payment… The 600k house at 3% with 40k down would be $2,821/mo. Almost $4k/mo difference from the 850k example.
minus-squareCookieOfFortune@lemmy.worldlinkfedilinkarrow-up1·10 days agoIsn’t 20% standard? Where can you get a house for 3% down in today’s market?
minus-squareprole@lemmy.blahaj.zonelinkfedilinkarrow-up1arrow-down3·10 days ago Almost $4k/mo difference from the 850k example. So their point still stands
It could be. The very key thing that is left out of both is the down payment amount
600k at 3%, you need 229k down (38%) to pay $2,025/mo (assuming extremely low property tax and insurance).
850k at 8.5%, you need 40k down (4.71%) to pay $6,850/mo (assuming extremely low property tax and insurance).
40k seems like a much more reasonable down payment…
The 600k house at 3% with 40k down would be $2,821/mo. Almost $4k/mo difference from the 850k example.
Isn’t 20% standard? Where can you get a house for 3% down in today’s market?
So their point still stands