Friend bought a house

https://www.redfin.com/GA/Decatur/102-Glenlake-Commons-Dr-30030/home/23816436

Assuming $425kScreen Shot 2016-05-01 at 8.29.19 AM.png

$85k down payment.  $340k mortgage.  Assume 25% tax bracket

Assuming 30 years at 3.5%.

Monthly Payment: $1527 – $250 writeoff.

Monthly Property Tax: $312

Monthly Insurance: $120

Monthly maintenance: $354

= $2063

This is split between two earners, so that helps a lot.

Okay let’s look at the 15 year scenario.  2.75% Interest.

$2307 payment.  ($779 interest, $1528 principal).

$2307 – $195 writeoff + $312 + $120 + $354 = $2898.

40% higher.

What kind of take home pay would we need for this to match Dave Ramsey’s advice?

$11,592 in take home pay.  Between two people.  $5796 per person.  Each person needs to earn about $105k in GA.  What do they likely earn?  They’re both engineers.  It’s definitely possible that they’re making enough to follow the Ramsey plan w/ this house.  Need to make sure to keep savings to cover the monthly payment in case of job loss…

And then a completely different friend posted another picture – they also bought a house.  Lawyers :-P.  Okay let’s stalk this property:

JF Realty sold it

cream colored paint w/ burgundy windows.

address ends in a “6”

previously they lived in watertown (still have to make a commute)

two stories with a porch and columns.

said they were moving to waltham

I failed to find it :-(.  I suspect it might be a house/condo conversion.

Just kidding!  I found it.

https://www.redfin.com/MA/Waltham/146-Bright-St-02453/unit-2/home/76478888

It’s a condo.  Not the full house.  $532k.  2400 sq ft.  top two floors.

Screen Shot 2016-05-01 at 11.23.56 AM.png

4 bed 2 bath.  $100 HOA.

$107k down.

$426k mortgage

30 year $1912, $1242/$670

15 year $2891, $976/$1914

property tax: $532

maintenance: $443

$155 insurance

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s