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Started By
Message
re: How much home can I afford?
Posted on 1/12/22 at 8:25 am to SDVTiger
Posted on 1/12/22 at 8:25 am to SDVTiger
quote:
Put 5% down and keep the cash in your bank
Anyone who puts 20% doen noe is crazy imo
Avoiding PMI if you can isnt crazy at all. Having PMI is basically like an extra chunk of interest you pay each month because that money doesnt add anything for you. It doesnt go to your home insurance or taxes. It just pays for an insurance policy for your lender, so it's really just an extra interest payment to you that you can get out of eventually.
If you can avoid it, I always would.
1
Posted on 1/12/22 at 8:31 am to thunderbird1100
500k purchase
100k down not in your bank vs 15k down 85k in bank (or bitcoin for this board)
MI costs you 100 more a month
1200 a year
Since you will only stay in the loan for 7yrs max thats an extra 8400 in payments to keep 85k and have 2 bitcoin
I never understand the fear of MI
Must be a boomer mentality
100k down not in your bank vs 15k down 85k in bank (or bitcoin for this board)
MI costs you 100 more a month
1200 a year
Since you will only stay in the loan for 7yrs max thats an extra 8400 in payments to keep 85k and have 2 bitcoin
I never understand the fear of MI
Must be a boomer mentality
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