Author Topic: Think YOUR mortgage payment is high?  (Read 4114 times)

Welmoed

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Think YOUR mortgage payment is high?
« on: September 13, 2012, 06:08:17 PM »
I couldn't believe this article... Houses with monthly MORTGAGE PAYMENTS that are higher than the average price of the entire house in this area. I can't conceive of a $400K monthly mortgage payment.

www.zillow.com/blog/2012-09-10/10-most-expensive-homes-for-sale

Disgusting. When I think of all the good that could be done for that amount of money...

--Welmoed

arebelspy

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Re: Think YOUR mortgage payment is high?
« Reply #1 on: September 13, 2012, 07:10:47 PM »
Yikes!  And I thought the 12k/mo or so payments I've seen personally on the few million dollar homes were high!
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chopperdave

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Re: Think YOUR mortgage payment is high?
« Reply #2 on: September 17, 2012, 10:19:06 PM »
Yikes!

I suppose the super rich have a right to be as irresponsible as the rest of us...

happy

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Re: Think YOUR mortgage payment is high?
« Reply #3 on: September 18, 2012, 07:20:14 AM »
I thought there was a housing slump in the US????

Truly I think excess of this  proportion is immoral...

newb

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Re: Think YOUR mortgage payment is high?
« Reply #4 on: September 29, 2012, 01:02:42 PM »
wow! Thats just stupid. I dont get people that are willing to blow that much money on a place to live. Theres nice, and then theres just stupid.

U.N.Owen

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Re: Think YOUR mortgage payment is high?
« Reply #5 on: September 30, 2012, 08:04:41 PM »
Call me crazy, but I'd expect folks that purchase houses such as these are in a position to pay cash and don't take out a mortgage on them? Now 3-4 million range, I see celebs, etc. losing their homes when their star falls. At this level, I don't think anyone who would qualify would need/want one?

At the much cherished 400:1 ratio (need $400 to generate $1 month), you'd need ~$177 million. Interesting how that's actually not that much more than the cost of the home (relatively speaking). I wonder if that's universal (if you have the just over the value of your home in investments, it'll generate enough to make the monthly mortgage payment? Something to run the numbers on later).