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Just modeled a mortgage loan


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#1 Brian72

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Posted 11 July 2018 - 04:22 PM

So I was offered a pretty sweet deal on the house we live in about a month ago and I have up to a year to secure financing and rent in that time goes toward down payment. With taxes, insurance, interest and all the stuff that goes along with it I'm looking at $500/month for 15 years. $250 less than rent. I'll take that. Nice quiet neighborhood close to the kids school and my sister lives down the street. I'm looking forward to fixing the joint up and making it ours. Big plus is when I retire, no house payments!
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#2 pickle_rick

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Posted 11 July 2018 - 04:23 PM

So I was offered a pretty sweet deal on the house we live in about a month ago and I have up to a year to secure financing and rent in that time goes toward down payment. With taxes, insurance, interest and all the stuff that goes along with it I'm looking at $500/month for 15 years. $250 less than rent. I'll take that. Nice quiet neighborhood close to the kids school and my sister lives down the street. I'm looking forward to fixing the joint up and making it ours. Big plus is when I retire, no house payments!

 

hope it works out for you :cheers:


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#3 TonyBrown

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Posted 11 July 2018 - 04:24 PM

:frank:
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#4 Dave McG

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Posted 11 July 2018 - 04:44 PM

Nice! I couldn't dream of a mortgage that small, and I don't live in a swanky place. I think my MIL's condo hoa fee is about $500 a month.
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#5 glassonion

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Posted 11 July 2018 - 04:51 PM

So I was offered a pretty sweet deal on the house we live in about a month ago and I have up to a year to secure financing and rent in that time goes toward down payment. With taxes, insurance, interest and all the stuff that goes along with it I'm looking at $500/month for 15 years. $250 less than rent. I'll take that. Nice quiet neighborhood close to the kids school and my sister lives down the street. I'm looking forward to fixing the joint up and making it ours. Big plus is when I retire, no house payments!

 

Awesome man. Gert some


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#6 Brian72

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Posted 11 July 2018 - 05:30 PM

I had the loan modeled as a 30 year and a 15 year and I was surprised how little difference it made in the monthly payment.

507 for 15 years

390 for 30 years

That interest tho!
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#7 the_stain

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Posted 11 July 2018 - 05:44 PM

Nice! I couldn't dream of a mortgage that small


This! Good score.
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#8 Zaphod_Beeblebrox

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Posted 11 July 2018 - 05:52 PM

Nice! I couldn't dream of a mortgage that small, and I don't live in a swanky place. I think my MIL's condo hoa fee is about $500 a month.


Your neighborhood has some swank my friend and your house is a nice part of it. It is like Norman Rockwell dreamed up the neighborhood.


Sounds like a great deal Brian.
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#9 davelew

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Posted 11 July 2018 - 06:33 PM

I had the loan modeled as a 30 year and a 15 year and I was surprised how little difference it made in the monthly payment.

507 for 15 years

390 for 30 years

That interest tho!


That’s $91,260 over 15 years or $140,400 over 30 years. I’d take the 15 year mortgage if you can manage to swing it, and then use the extra $50k on hookers and blow.
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#10 Brian72

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Posted 11 July 2018 - 06:40 PM

That’s $91,260 over 15 years or $140,400 over 30 years. I’d take the 15 year mortgage if you can manage to swing it, and then use the extra $50k on hookers and blow.


You and me!
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#11 Toe d Loc

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Posted 11 July 2018 - 06:54 PM

Congrats... I wish my mortgage was that low...
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#12 the_stain

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Posted 11 July 2018 - 07:01 PM

Congrats... I wish my mortgage was half that low...


Ftfus
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#13 JKor

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Posted 12 July 2018 - 02:31 AM

I wish my utility bill was that low.


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#14 pickle_rick

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Posted 12 July 2018 - 03:31 AM

I wish my utility bill was that low.

 

I hope that is at least all of them combined  :unsure:


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#15 Brian72

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Posted 12 July 2018 - 03:59 AM

I hope that is at least all of them combined :unsure:


My gas/electric bill this month is $155
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#16 JKor

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Posted 12 July 2018 - 04:29 AM

My gas/electric bill this month is $155

 

 

Mine isn't too much more than that in the summer.  Dat winter tho.


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#17 drez77

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Posted 12 July 2018 - 04:33 AM

Mine isn't too much more than that in the summer.  Dat stove tho.

Lets be honest :D


Edited by drez77, 12 July 2018 - 04:33 AM.

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#18 JKor

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Posted 12 July 2018 - 04:38 AM

Lets be honest :D

 

My suspicion is that it's mostly in heating the barn.  I'm going to winterize it next year to verify.  I've explained the fecked up heating setup they installed out there in another thread, i won't rehash it.  Gas bills averaged over $1000/mo through the winter.  


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#19 AspenLeif

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Posted 12 July 2018 - 05:05 AM

It’s chicago, right? How much are your annual property taxes? :D
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#20 Brian72

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Posted 12 July 2018 - 05:15 AM

It’s chicago, right? How much are your annual property taxes? :D


Peoria area, $1200/year
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