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Turion | If i make $465,000 a year can i afford a 4.5 million dollar house? |
And don't tell me the stupid rule of thumb stuff/ i can live on a budget i just need to know can i afford it if i'm on a tight budget and give to scenarios in a good economy and a bad one and don't just say no or yes give reason and dont tell me just go on a stupid cal culator.....thanks alot :) |
 |
 
Randomname83
|
Can you afford it? No
Will you get the loan? Probably not.
Should you buy it? No.
Calculations:
Assumptions - (6.5% interest, 30 year loan).
Principal and interest $28,443
Taxes and insurance $183
Mortgage insurance $2,100
Total payment $30,726
***All payments are per month
A 4.5 million dollar loan will require you to pay ~28-30k a month. You earn ~38.75k a month. After taxes you earn under 25k a month. Can you afford the loan? No.
You earn well. Save a good 30-40% of your income each month (if you can). Once you have some savings, you can look into buying an expensive house. |
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bbwebpuppy
|
Probably not. You make $38,750 gross a month before taxes. If you put 20% down ($900K), your monthly payment would be $31,059/mo (80+% of what you make gross)
About the most you could afford, if you had no other expenses, would be a 2,500,000 house. You should put $500,000 down (20%) and your monthly payments would probably be about $17,322/mo or 45% of your gross income.
These numbers are figured at a jumbo rate of 7.5% (jumbos always cost more), and included est. tax and insurance.
Hope it helps. |
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Big daddy
 |
sounds to me as though you need a dose of reality. rules of thumbs being avoided and not implemented are part of the reason the country is in the mess that it is. Over extending is what your trying to do, and even if you have perfect credit and no debt, you probably won't get this loan even if you qualify. The blunt truth is banks don't want your loan right now. They don't have the funds to give it and they don't want in on their books. It took me 3 days to find a lender that would do a 1.1 million deal. One big lender I believe has a cap at 3 million right now. Jeff's numbers are somewhat accurate, but he forgot one very large piece of the puzzle pmi, you will pay mortgage insurance and that will cost you at least a couple more thousand a month tacked onto the p&i payment and I won't even go into property taxes and what most likely would be a rate over 7.5%, citi's would be over 8%. You want an answer, no, you can't afford this, you need to check your ego and bring down your expectations a bit. You must have half a brain to have the income you do, well use it. get a home for 1 million, maybe 1.5 put down a big down payment, amortize it over 10-15 years, let the market and economy recover and sell for 2-3 million |
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Huba
 |
Yes you can.
Okay, I'm going to preach anyway: what does a $4.5M house have that a $1M house doesn't have? If you need a view, buy a picture. Ask yourself if you really need 12,000 square feet of space. 2,500 sf is more than enough for most people. Less impact on the earth, utilities, and maintenance. A big house comes with big problems. |
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VY
|
Use a calculator from remax.com, yahoo etc...
Given the selling price, interest rate and down payment, you can get an approx monthly cost. Then include an amount for tax & insurance,
See if you can afford theestimated monthly total/ |
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thewordofrashi
|
The short answer is no, you really can't realistically afford that house. |
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src50
|
If you make $465K a year, you shouldn't have to ask that question here. |
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jeffreybromfield
|
Your one lucky person! God has really smiled on you :) Anyways ...
Remember that your property taxes will be substantial and to add that to your calculations.
For a $4.5 million home, financed for 30 years, at 6%, your monthly payment will be around $27,000 per month. You'll be paying $324,000 per year on the house. Multiply that by 30 years and you will have paid $9.7 million to pay it off.
You also have to furnish a home of this magnitude. You make great money man, but this is a very high risk to you and your family.
Just my 2 cents ~ Jeff |
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Darn Dave
 |
I'll answer your question with a question:
If you are resourceful enough to earn $465,000 per year, why aren't you resourceful enough to figure this one out on your own?
If this is a legitimate question, find a Certified Financial Planner to help you evaluate your financial goals and to help you develop a strategy to meet your goals. |
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Jane D
|
you know i clicked on your question and was prepared to help but when i started reading how you spoke to people and your pissed off attitude i said to myself f*** You you don't deserve my time.
learn to be a bit more polite to those who may help you. you get more bees with honey than you do with vinigar. |
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markpwilms41m
|
As a general rule, you should not get a loan if you can't get a 15 year fixed, with a monthly payment of not more than 1/4 of your take-home pay. This loan is WAY over that, so the answer is no, you can't afford this house. |
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rxs_ams
|
maybe if you've saved enough money...
would you like to donate money to me? =] |
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wisy
 |
Well, us in recession, this means inflation and job losses, beware high risky investments, and wait for the opportunities, may be that house price down, who knows. |
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Beau.Gus
|
Your payments would be roughly $30,000 a month for a 30 year term, or $41,000 a month for a 15-year term. You might need to almost double these including insurance, though, since if you were to default at any time, the lender would have a far harder time moving a $4.5M property than a $450,000 one. But that still means "Yes, you can afford it".
Frankly, if I could afford a $4.5M property, I would much rather buy five or ten different homes in places I loved for a half-million each... |
|
BTGNow.net
 |
The rule of thumb stuff may seem stupid, but it's there, and it's even the law in some places, for a reason:
Rule of thumb: if you cannot afford a 20% down payment you cannot afford the house. So if you can afford without too much problem the $900,000 down, you probably won't have too much problem affording the house.
As always, you should always live below your means: this will offer you a great deal of protecting in bad economic climates.
If you are really serious about this, and about wether or not you can afford this house in a good or a bad economy, you MUST consult an expert. Hire a fee only financial planner who will help you figure out whether or not this is a wise purchase.
Yahoo answers is good for some things, but for something like this you MUST consult an expert.
Good luck! |
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Formerly known as Frank Castle
|
No.
If you don't have $4,500,000.00 USD in your bank account right now then you cannot afford it.
It's that simple. |
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betotron don
 |
taxes will drown you out |
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jhs247
|
Must be a rough life, huh?
Try buying a "smaller" house that you'll be able to pay off sooner. Take what's left and put it into a savings account and live off the interest.
You mean you make this money and don't know the answer to your own question? Make sure you don't get scammed by anyone looking to make a quick buck |
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somekidwhoplaysstarcraft
|
You can afford it. But trying to maintaining, taxes, and mortgage will tie you up to not spend money on anything.
If I were you, I would not buy that house.
Usually you live in a house that is 5X your income per year.
My parents have 20 mill in total net worth but they live in a 1.5 million dollar apt and they are satisfied with it. |
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danny14551
|
The very short answer is no |
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David M
|
You don't say how much you're going to put down making it pretty impossible to answer the question. Which is more stupid, quoting some stupid rule or asking a stupid question not supplying enough information to answer? |
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