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Old 02-13-2013, 07:17 AM   #97551
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Quote:
Originally Posted by egman2005 View Post
Its all bull shit.

Fha will cost only a couple hundred more over the life.

Its the pmi that comes from putting under 20% down that adds the most to your mortgage
False. If I can find some projections of home cost prices we had drawn up while we were looking I can prove it.
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Old 02-13-2013, 07:25 AM   #97552
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Quote:
Originally Posted by 06_infrared_zx4 View Post
False. If I can find some projections of home cost prices we had drawn up while we were looking I can prove it.
Putting 20% down saves you a ton because you pay less interest. Plain and simple. With only 5% down you are paying around 90% of your mortgage payment to interest at first. What you have to weigh out is the benefit of having a lower payment, or paying it off with less interest, vs having to wait possibly YEARS to save 20% towards a down payment.
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Old 02-13-2013, 07:26 AM   #97553
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Quote:
Originally Posted by Aku View Post
At this rate I'll never be able to save up for 20% of anything


edit:

Jordan?
If not half assing things is considered a cynical . Then sure.
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Old 02-13-2013, 07:26 AM   #97554
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Quote:
Originally Posted by Aku View Post
At this rate I'll never be able to save up for 20% of anything
Because you still want a cool car, drive everywhere, do everything lifestyle. If you wanted a house, you would save for one and make changes in your lifestyle.
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Old 02-13-2013, 07:27 AM   #97555
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Can someone explain to me this shipping procedure.

I ordered a new camera via Amazon. Chose the standard shipping so that I get it this week. Tracking info says that it arrived in Belleville last night via FedEx. Instead of delivering it today the USPS has to come pick it up so they can make the home delivery and it'll be here tomorrow.

Why would this be the chosen method to get me my package? I've only seen one other company do something like this (LIDS, the hat place) but they use DHL and I don't think they make residential deliveries.
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Old 02-13-2013, 07:32 AM   #97556
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Quote:
Originally Posted by Aku View Post
At this rate I'll never be able to save up for 20% of anything


edit:

Jordan?
$10k for an R32 is 20% of a $50k house......save up for 2 years and you're right there.
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Old 02-13-2013, 07:34 AM   #97557
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Some basic math.
(To be easy to compare)

$100,000 mortgage
30 year term
5% interest

5% down loan: ($5,000 down payment)
$95,000 in principal paid
$88,593 in interest paid
$7,102 in PMI paid

$195,695 total paid.

20% down: ($20,000 down payment)
$80,000 in principal paid
$74,604.63 in interest paid
$0 PMI.

$174,604 total paid.

Same house, same length, same interest rate. Difference of $21,091 paid over the life of the loan. Is this a lot? Yes it is. But you also have to figure, how long will it take you to save up that $20,000 down payment. An extra 18 months lets say?

Then you need to add in the cost of renting for than period to the 20% down loan setup.

$500 a month x 18 months = $9000.
$750 a month x 18 months = $13500
Or in my case with our house, $1200 a month x 18 months = $21,600.

Even at $500 a month, it means you'll save $12,000 over 30 years (or $400 a year.) Doesn't sound like as much now does it? At $1200 a month like our house we're moving into. We would save money buying a house with 5% down.
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Old 02-13-2013, 07:35 AM   #97558
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I know. I could... and I plan on it once I get this R... cuz then I'll be perfectly content with my car situation and not want to buy anything new and the real saving can begin

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Old 02-13-2013, 07:46 AM   #97559
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After watching all those Harlem shake videos, best is peanuts version.
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Old 02-13-2013, 07:48 AM   #97560
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That's Jordan down to the letter

And yeah Ted if you wouldn't mind that'd be awesome
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