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this post was submitted on 14 Nov 2023
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Asklemmy
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If you're looking at 300k @ 8%, youre not going to be paying anything similar to your current rent. I got a place for 190k @ 6%, and I'm paying about 200/mo less for my mortgage than you do for rent. At that rate, I'd be surprised if you got out under 2500/mo.
did that include taxes being paid from escrow? He might be doing a simplified thing and did not include taxes and such. Something I think to that people don't realize with mortgages is the excrow part can go up so the monthly is not completely locked in.
Yes, as stated below that includes property taxes and insurance, things that this person likely isn't thinking about and isn't figuring into their monthly payment. I hope I'm wrong, but I've watched friends crash and burn doing something similar.
8% of 300,000 is 24,000.
That is $2000/month.
It is basic arithmetic.
Sure, if you ignore all kinds of other factors like additional closing costs added to your mortgage, as well as stuff like insurance and property taxes and the interest on the loan itself. But yeah, simple arithmetic....
I wish it was as easy as just a percentage of the mortgage every month
The offset to the basic arithmetic is negligible.
In my case, a $300k home would yield a $2k/mo mortgage
Source: I'm fucking buying a house.
Jfc y'all
It is basic arithmetic.
That’s not at all how interest is calculated on amortized loans
Yes it is.
There are a few factors that modulate this, very slightly
0 down on 300k at 8% yields a 2025/mo mortgage.
It is basic arithmetic.
No, it’s not.
You’re rationale that 8% of 300,000 = 24,000 therefore $2,000/mo., by dumb luck, comes close at 8%.
It’s algebra, not arithmetic.
P = (r * A) / (1 - (1 + r)^(-n))
where:
Do you live in some world where PEMDAS/order of operations isn't basic arithmetic?!
Jfc..
Even we Americans are taught this shit by age 12.
Seriously.
PS., it is $2025. Source: qualified. Decided to wait until $2025/Mo gets me something worthwhile. Your basic arithmetic failed to include the handful of factors that mitigate these numbers slightly zip code/taxes, hoa fees, etc. still, basic fucking arithmetic.
Stay in school.
Not sure how zip code factors into “simple arithmetic” but you do you.
ok
Interest deduction… meaning not 8% anymore. It doesn’t change the math, it changes the rate.
I didn't say it changes the arithmetic, numb nuts. I said it can modulate the price slightly.
Jesus stfu already. Nothing worse than an internet sea lion who can't admit when they're wrong.
Project much?
Aaaand you're blocked.