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

[Netflixmovieguz]

1 minute ago, yemdoing said:

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

 

Avg people don’t hold the house for 30 years 

[Complex]

sonu uncle. general rule is...

 

house price should be 3* of your salary  to be on safe side..

3*130  = 390k

so, in this case better to go for 400k house, 400k-500k will be a stretch... Above 500k it will be house poor situation. 

 

[Sonu_Patel]

5 minutes ago, ForEverJava said:

Don't want to sound rude

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

ilant maatalu chaala paddanu vayya... but please answer my question.

[Ravi860]

5 minutes ago, manchulomajjiga said:

 

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

Buying house is usually good… what’s going on now is worst combination in housing market “Higher Priced Homes and Highest Rates Ever” so will be pain paying monthly EMIs

[manchulomajjiga]

1 minute ago, Sonu_Patel said:

ilant maatalu chaala paddanu vayya... but please answer my question.

Bro ne alochanalo emi tappu ledu gani ! Its simple math ! Nuvvu ippudu 750k ki illu konte kanisam > 1 M amma galagali after 5 years , antha appreciate avuda leda me area lo anna question ki answer vetuko ! Teliyakapothe lite tesuko ! Peer pressure valla konaku ! If your current living place is satisfying all your needs continue there 

[BMDablu]

28 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. 

 

130 salary tho 712K home teeskunte munigipothav.. ye economy aina

[Ravi860]

28 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. 

 

Uncle.. genuine question! Intlo pressure undha house konali ani? Or just peer or cousins pressure??

[manchulomajjiga]

5 minutes ago, Ravi860 said:

Buying house is usually good… what’s going on now is worst combination in housing market “Higher Priced Homes and Highest Rates Ever” so will be pain paying monthly EMIs

Very true ! Buying home is logically very good always when conditions are normal ! But interest rates too high and e na kodukulu mana desi galla nunchi demand chusi e matram prices ni correct cheyatledu ! But someday when one desi guy chickens out and start sellling the domino effect will be huge ! 

[yemdoing]

4 minutes ago, Netflixmovieguz said:

Avg people don’t hold the house for 30 years 

Yes not in that particular house, but they will live in another house where they have to pay mortage too... Essentially you would be paying mortgage until you own the home  .

So thinking mortgage as a short term think is bad in my opinion. 

[yemdoing]

42 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. 

 

130k salary ki 712k home is too much even with 2.5 interest rate.

You have lower you range 450k to 500k, even that is bit of a stretch with today's interest rate. I understand neeku kavalasina area lo 450k ki bocchu kuda radu antavu. But that is sad reality right now.

 

[pandu123b]

40 minutes ago, veerigadu said:

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. 

@veerigadubro after the gnana bodham you gave in last few years,

what is your house buying experience and details ivu bro. purchase price, interest rate etc..

[pandu123b]

28 minutes ago, manchulomajjiga said:

 

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

 

46 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. 

 

nuv monthly 2500-3000 rent pay chestunav

3000*12*30 = 1.08 million paying for cheap , small apartments and end lo neeku em undadu

at least house , payoff chesaka you/your kids dont have to pay rent forever.

@Sonu_Patelbro

i told same thing in other thread,

fix budget based on your salary and expenses, dont compare with others .

also its bad time to buy now with interest rates as high as 7. you have no other option but wait..good luck

[Sonu_Patel]

1 minute ago, pandu123b said:

 

nuv monthly 2500-3000 rent pay chestunav

3000*12*30 = 1.08 million paying for cheap , small apartments and end lo neeku em undadu

at least house , payoff chesaka you/your kids dont have to pay rent forever.

@Sonu_Patelbro

i told same thing in other thread,

fix budget based on your salary and expenses, dont compare with others .

also its bad time to buy now with interest rates as high as 7. you have no other option but wait..good luck

400k - 450k budge lo houses ravadam ledu.. do you think there will be a crash like 2008

[Sonu_Patel]

10 minutes ago, yemdoing said:

130k salary ki 712k home is too much even with 2.5 interest rate.

You have lower you range 450k to 500k, even that is bit of a stretch with today's interest rate. I understand neeku kavalasina area lo 450k ki bocchu kuda radu antavu. But that is sad reality right now.

 

aaa budget lo ravadam ledu vayya

[pandu123b]

2 minutes ago, Sonu_Patel said:

400k - 450k budge lo houses ravadam ledu.. do you think there will be a crash like 2008

aa budget lo unnavi neeku anatledu ani cheppu brother