Young 'to be poorer than parents at every stage of life'

Re:Young 'to be poorer than parents at every stage of life' by refurb on Tuesday November 24, 2015 @10:49AM (#10621373)

Some people can buy a home with only 3% down. FHA loans and some first time buyer programs allow that.

If you're borrowing $970K, you're monthly payment would be a lot more than $4K. When I was looking at mortgages, borrowing $600K was ~$4500/month in mortgage, property taxes and insurance. $970K would be more like $6K per month.

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Re:Young 'to be poorer than parents at every stage of life' by fisherjeff on Tuesday November 24, 2015 @11:02AM (#10621452)

Not to mention that a bank will require that $6k/month payment to be less than 28% of gross income, so that hypothetical small house is out of the question for a household making less than ~$260k a year.

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Re:Young 'to be poorer than parents at every stage of life' by cobookman on Tuesday November 24, 2015 @02:19PM (#10622886)

3% down w/3.85% fixed interest 30 year locked in. That's 4.5k/month in mortgage. That's not including maintenance, property taxes...etc.

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