Incoming Salary vs Principal Interest with 5% down payment for home purchase

[Sonu_Patel]

 

Happy Monday folks! 

oka average salary 130k lo manaki chethiki ochedi  ~91k after all taxes(~30K) ... some people contribute to 401k, health or other deduction.. ila chestey net inka takkuva vastadi. but manam janaalaki 130k salary ani cheppukuntaam. 

In the same case, If we purchase a home for 750K for example, with having 6% interest rate for 30 year loan term... 

Princial will be $712,500 (with 5% down payment )

Interest will be $538,240

point entate.. manam actually buying home for $712,500(Principal) + $538,240(Interest) = $1.25 Million. 

 

mari manam 1.25 million ki kontunnam ani enduku cheppukomu. 

 

[veerigadu]

Nuvvu mottham kadthavuuu ani guarantee em ledhu ga. First of all, You might sell it after 2 years and pocket the profit or realize the loss.
 

Second point enti ante, you might refinance it to lower interest rate. Who knows…

Lastly, bagaaa balisinoloduuu loan ki kudaaa podu. They pay cash. Considering all this uncertainties only principal is constant all the rest can change at any point. 
 

Manam 10ngalekaa loan ki pothunnam. But purchase price is fixed. 

[yemdoing]

2 minutes ago, Sonu_Patel said:

 

Happy Monday folks! 

oka average salary 130k lo manaki chethiki ochedi  ~91k after all taxes(~30K) ... some people contribute to 401k, health or other deduction.. ila chestey net inka takkuva vastadi. but manam janaalaki 130k salary ani cheppukuntaam. 

In the same case, If we purchase a home for 750K for example, with having 6% interest rate for 30 year loan term... 

Princial will be $712,500 (with 5% down payment )

Interest will be $538,240

point entate.. manam actually buying home for $712,500(Principal) + $538,240(Interest) = $1.25 Million. 

 

mari manam 1.25 million ki kontunnam ani enduku cheppukomu. 

 

baa.. no disrespect but are you really gujju ? you are not wrong with above calculation.

[Sonu_Patel]

2 minutes ago, veerigadu said:

Nuvvu mottham kadthavuuu ani guarantee em ledhu ga. First of all, You might sell it after 2 years. Second point enti ante, you might refinance it to lower rate. Lastly, bagaaa balisinoloduuu loan ki kudaaa podu. They pay cash. Considering all this uncertainties only principal is constant all the rest can change at any point. 

refinance ki costs untae ga and malli i dont see anytime interest rates will be 5% or lower.

[Sonu_Patel]

3 minutes ago, yemdoing said:

baa.. no disrespect but are you really gujju ? you are not wrong with above calculation.

over thinking chestunna ... I am teddy vayya.

[veerigadu]

1 minute ago, Sonu_Patel said:

refinance ki costs untae ga and malli i dont see anytime interest rates will be 5% or lower.

Anything can happen in this uncertain world. 30 years is a very long time. Don’t be so sure about anything. COVID vasthadiii ani yevvaddd anukunnaduuu bro.Market regular  follow avtha unduuu antheee . 

[yemdoing]

9 minutes ago, Sonu_Patel said:

 

Happy Monday folks! 

oka average salary 130k lo manaki chethiki ochedi  ~91k after all taxes(~30K) ... some people contribute to 401k, health or other deduction.. ila chestey net inka takkuva vastadi. but manam janaalaki 130k salary ani cheppukuntaam. 

In the same case, If we purchase a home for 750K for example, with having 6% interest rate for 30 year loan term... 

Princial will be $712,500 (with 5% down payment )

Interest will be $538,240

point entate.. manam actually buying home for $712,500(Principal) + $538,240(Interest) = $1.25 Million. 

 

mari manam 1.25 million ki kontunnam ani enduku cheppukomu. 

 

712K now is 1.25 million after 30 years ( adjusting with inflation and purchase power etc..)

so can't say home is 1.2 million now.

 

Also US lo pretax salaries matladutharu, Europe lo people talk only intake home salary. Many people in india also talk in take home salary, last decade nunchi IT valla people started talking in pretax salaries even in india.

[MiryalgudaMaruthiRao]

[ForEverJava]

Don't want to sound rude

@Sonu_Patel but venkati sametha gurtu vastundi..morige kukka karavadu..nee post choosniappuduella..

[Complex]

[yemdoing]

Just now, MiryalgudaMaruthiRao said:

teddu ki deeinki yemi sambhandam uncle

 

[manchulomajjiga]

13 minutes ago, Sonu_Patel said:

 

Happy Monday folks! 

oka average salary 130k lo manaki chethiki ochedi  ~91k after all taxes(~30K) ... some people contribute to 401k, health or other deduction.. ila chestey net inka takkuva vastadi. but manam janaalaki 130k salary ani cheppukuntaam. 

In the same case, If we purchase a home for 750K for example, with having 6% interest rate for 30 year loan term... 

Princial will be $712,500 (with 5% down payment )

Interest will be $538,240

point entate.. manam actually buying home for $712,500(Principal) + $538,240(Interest) = $1.25 Million. 

 

mari manam 1.25 million ki kontunnam ani enduku cheppukomu. 

 

Vuncle nuvvu evaro same na lage vunnavu 😂😂😂bokka gallu antha base price cheppinru mortgage calculator lo chusthe gani ardam kaledu manam entha extralu kadutunamo emi lo pmi ani property taxulu hoa lu home insurance lu interest ani 😂😂nenu a final number chusi backout ayyanu

[veerigadu]

2 minutes ago, ForEverJava said:

Don't want to sound rude

@Sonu_Patel but venkati sametha gurtu vastundi..morige kukka karavadu..nee post choosniappuduella..

Actually, he is analyzing it from different perspectives. Rather than just jumping into the pond. I think that’s good. 
 

Half of the people in our db brought houses without knowing anything about amortization. Valla tho compare sesthe he is atleast thinking. 

[yemdoing]

3 minutes ago, ForEverJava said:

Don't want to sound rude

@Sonu_Patel but venkati sametha gurtu vastundi..morige kukka karavadu..nee post choosniappuduella..

tappu ledu uncle... kastarjeetham kada. Also its not a commitment of 1 month of 1 year. 30 year loan commitment kada.

 

[manchulomajjiga]

Just now, manchulomajjiga said:

Vuncle nuvvu evaro same na lage vunnavu 😂😂😂bokka gallu antha base price cheppinru mortgage calculator lo chusthe gani ardam kaledu manam entha extralu kadutunamo emi lo pmi ani property taxulu hoa lu home insurance lu interest ani 😂😂nenu a final number chusi backout ayyanu

 

16 minutes ago, Sonu_Patel said:

 

Happy Monday folks! 

oka average salary 130k lo manaki chethiki ochedi  ~91k after all taxes(~30K) ... some people contribute to 401k, health or other deduction.. ila chestey net inka takkuva vastadi. but manam janaalaki 130k salary ani cheppukuntaam. 

In the same case, If we purchase a home for 750K for example, with having 6% interest rate for 30 year loan term... 

Princial will be $712,500 (with 5% down payment )

Interest will be $538,240

point entate.. manam actually buying home for $712,500(Principal) + $538,240(Interest) = $1.25 Million. 

 

mari manam 1.25 million ki kontunnam ani enduku cheppukomu. 

 

Asalu e calculation antha chusi apartment lo minginchukovatam better ! A migilina paisal evo tesukelli spy or qqq konukovatam better ! Housing market up vunte ivi kuda perigutayi but housing crash aina ivi antha padipovu logically investing money somewhere else is >>>>>>> buying a house and adding liability for 30 years and being bounded like a dog to safegaurd it constantly