dparticiple comments on Me

[–] dparticiple@sh.itjust.works 12 points 5 months ago (5 children)

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

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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[–] Blum0108@lemmy.world 8 points 5 months ago (2 children)

Who has 120k lying around for a down payment?

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[–] EndlessNightmare@reddthat.com 1 point 5 months ago

That's "only" (checks average income in the U.S.) 2 years of average income in the U.S.

Oh, and that's $120K after tax

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[–] duckwingthegoose@lemmy.world 1 point 5 months ago

Someone selling a home they already own. I know thats not helpful to most, but thats the only realistic way to have 120k sitting around

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[–] ZombiFrancis@sh.itjust.works 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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[–] dparticiple@sh.itjust.works 3 points 5 months ago

Oh, I agree with you, and concur with the spirit of the infographic. I just like accurate calculations!

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