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#16
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Re: Living the American dream
It's all pretty easy when you break it down, and have the right tools. Using excel and the PMT function, you can calculate the payment based off the price, term, and interest. I use a formula that looks like this: =PMT([Interest]/12,[Term(in months)],[Price]). Calculated with $255,000 price, 360 month (30 years), and 4.5% interest, that would come out to $1,292.05. Then you add in annual taxes, say $3,512.00 and annual insurance, say $650, add $1,292.05 to $3,512.00 / 12 plus $650 / 12, and you come up with a total monthly payment of $1,638.88. It's all plugged into excel though so I only have to change the price, term, interest, taxes, or insurance, to get usable numbers. Not much math doing installed, just have to know how to do it. Now, you don't have to be super genius to do this stuff either. I never went to college, I spent 6 months temping in the accounting department of a company, and picked it all up along the way. Calculating use tax on assets, balancing general ledgers, and etc. These figures aren't exact for what I'm at, but needless to say, I'll be house poor for a little while.
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*No SVX at the moment...* 1987 Winnebago Elandan 35' 2001 Yamaha Roadstar 1600 2004 Ford Excursion Eddie Bauer, 6.0litre Power Stroke Diesel - Daily Driver. Life should NOT be a journey to the grave with the intention of arriving safely in an attractive and well-preserved body, but rather to skid in sideways, scotch in one hand, body thoroughly used up, totally worn out and screaming HOOOOYA !!!!! |
#17
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Re: Living the American dream
Quote:
10,000# AAMCO lift If you don't want to mow, build more garages and buy more SVX's!!
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I'm not a REDNECK! I am an Appalachian-AMERICAN!! "Can't go to work today. The 'voices' said to "Stay home and clean the guns". Most famous Red-Neck last words... " Hey Everybody, Watch This!!) http://s306.photobucket.com/albums/nn272/subi-crosser/ Jerry |
#18
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Re: Living the American dream
Got a couple pictures this weekend when going over the home inspection.
The back room: From the living room up and down the stairs: Out the dining room window towards the rear of the house: Out the front picture window to the front yard: The rear room to back door and stairs to kitchen: The home inspection went well. There were really no surprises, other than the porch roof on the back needing replaced and the fireplace liner needing replaced, both not that big of a thing. I'm going to be installing 2 tankless electric hot water systems, as my last house that had oil hot water, the oil bill killed me. The water pipes are in great locations too, so this shouldn't be much of a hassle.
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*No SVX at the moment...* 1987 Winnebago Elandan 35' 2001 Yamaha Roadstar 1600 2004 Ford Excursion Eddie Bauer, 6.0litre Power Stroke Diesel - Daily Driver. Life should NOT be a journey to the grave with the intention of arriving safely in an attractive and well-preserved body, but rather to skid in sideways, scotch in one hand, body thoroughly used up, totally worn out and screaming HOOOOYA !!!!! Last edited by JaySVX; 04-05-2009 at 07:17 PM. |
#19
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Re: Living the American dream
did you get it or are you still dealing?
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Matt 15 OBW premium w/eyesight A picture of an SVX in the garage |
#20
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Re: Living the American dream
Wow you guys live in a different world than me. Where I live you can get a pretty decent house for around 120k. The problem is that I cannot afford that much. You guys are very fortunate if you can afford a house such as this. Good luck jay SVX.
If anyone cares this would be my dream house where I live. http://www.northwood.com/property/pr...AR_OfficeCode= |
#21
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Re: Living the American dream
im just wondering, what are these "points" you guys are talking about?
and mentioning "buying" them to lower the interest rate? |
#22
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Re: Living the American dream
Ownbot: I know what you mean. When I lived in Texas, you could get an extremely nice home for $100-120k. However, the cost of living was generally lower there, and you made much less down there. Up here the cost of living is much higher, but the same jobs as down in texas pay much more up here to adjust for the cost of living.
Alcyone: Points are something that can be purchased for 1% of the cost of the house. ie. If your house costs $100k, you can purchase a "point" for 1k, which will typically lower the interest 1/8th to 1/4 percent. Due to current economic conditions, points are fetching much more, up to 1 whole percent. Think of it as "pre-paid" interest, as you have to pay it up front. If you are only going to be in your house for 5 years or so, typically it's impractical. However if you plan to stay 10+ years, it's worth while. Here's an example: House Cost: $100,000 Term: 30 years Interest: 6% Monthly Payment: $942.22 Now, if you purchased one point, under normal circumstances, it would lower your interest rate by say ¼%. You pay $1000 for your point to lower to 5.75%. It changes your figures a bit. House Cost: $100,000 Term: 30 years Interest: 5.75% Monthly Payment: $926.24 You would save $15.98 per month on your mortgage from your $1000 point. In 63 payments, you would have earned your $1000 back, and everything after that is pure profit. That's just over 5 years on a 30 year loan. Now, lets just say you had some extra money and could afford to pay the $942. You could still pay that every month, even though your bill is only $926, and apply that extra $15 directly to the principal, and you'd save a few thousand dollers on interest over the course of the mortgage. Subeman90: we're still in dealings, haven't closed just yet, but it's only a matter of time. I get to go to negotiations now with what we currently have from the inspection to negotiate a lower price, or have them fix the problems. It's a very interesting process, and I've learned quite a bit. We could close as early as the end of the month if I'm lucky.
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*No SVX at the moment...* 1987 Winnebago Elandan 35' 2001 Yamaha Roadstar 1600 2004 Ford Excursion Eddie Bauer, 6.0litre Power Stroke Diesel - Daily Driver. Life should NOT be a journey to the grave with the intention of arriving safely in an attractive and well-preserved body, but rather to skid in sideways, scotch in one hand, body thoroughly used up, totally worn out and screaming HOOOOYA !!!!! |
#23
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Re: Living the American dream
fascinating, thanks for the explanation
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