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Me_irl (lemmy.today)
submitted 5 months ago by to c/me_irl@lemmy.world
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[–] 11 points 5 months ago (6 children)

You gotta roll home owners insurance in there, and taxes.

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  • [–] 12 points 5 months ago (5 children)

    That's realistic, but the infographic doesn't include tax and insurance. Working backwards, it has:

    • Home price: $600,000
    • Down payment (20%): $120,000
    • Loan amount: $480,000
    • Interest rate: 3.0% fixed
    • Term: 30 years (360 months)

    The monthly principal-and-interest payment is exactly as the post said, $2024 / month.

    Has insurance gone up? Absolutely? Have property taxes generally rise? They have. But this is an honest like-for-like comparison.

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  • [–] 8 points 5 months ago (2 children)

    Who has 120k lying around for a down payment?

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  • [–] 6 points 5 months ago (1 child)

    $2024 > $4300 is more than double, while also assuming saving an extra $50,000 in downpayment while that cost increased.

    Although the down payment has less impact. But nonetheless, that lower payment boosts the loan to about $4600.

    Wages aren't doubling.

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