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re: Buying new home - Renting current townhouse
Posted on 12/28/23 at 5:26 pm to itsbigmikey
Posted on 12/28/23 at 5:26 pm to itsbigmikey
-Refinanced in 2021 to a 15 year conventional at 2.25% and now owe $140,000
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With 12 years remaining, you are paying down the mortgage at about $1,000 a month. That's money in the bank.
$140,000/12 years= $11,667 Average annual paydown.
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With 12 years remaining, you are paying down the mortgage at about $1,000 a month. That's money in the bank.
$140,000/12 years= $11,667 Average annual paydown.
This post was edited on 12/28/23 at 5:30 pm
1
Posted on 12/28/23 at 6:28 pm to ItzMe1972
According to all mortgage calculator a 450k home with 20% down comes to 3700 a month at 6.5% interest. He will be house poor financing 600k on 200k income IMO. But I’m super conservation and my house note is only 12% of my take home.
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