is it stupid to pay 3800 a month alone for a mortgage even?

is it stupid to pay 3800 a month alone for a mortgage even?

if the house is gorgeous...this is what my friend is going ot be paying...their house is like 650000 and he wont shut up about it...i think thats crazy.

Asked by Marree B about Renting Real Estate

that payment is hella ghetto

Answered by Gin and Juice

if u have like 5 kids...but a bach then hell no...its a recession lol

Answered by mathilius

1/3 of monthly income is recommended. I hope hes making a LOT of money or he wont keep the house long

Answered by Suba

hey I guess if he can afford it its his money to burn

Answered by tracy_h81

pssshh

Answered by chocolate!!

Totally normal in north CA

Answered by annasophia

Retarded.

Answered by Bubby

My house is worth 800k and my mortgage is only 1700 per month so yea its horrible. But if he can afford it then its worth it.

Answered by jammin7000

HEH/// who are you ta question their mores? i say nein BEAT THE CLOCK UND CALL FOR HAPPS LLOYD

Answered by june cleaver

I would NEVER pay that amount for anything I can find better use for my money to be spent on then a fancy house Ill take my 3 br. home anyday over a 650000 home. And save for my future house that I can actually pay for in cash cause Im not throwing it down the toilet.

Answered by Ty99Bry02Kri04

http://www.biznuss.friendsmela.com check for that i hope it will be beneficial for you keep using answers.yahoo.com

Answered by hella

Its a bit too much but if he can afford it then you have no reason to worry about it at the end of the day when and if he cant pay the 3800 you know their taking the house from him but whatever he decides you just be there as a friend.

Answered by Kaj

I live in NYC where 650k gets you a small 1 bedroom apartment. Thats not a big mortgage for a house that price and banks are being very careful about lending people more than they can afford. So if the bank lent him the money he can probably afford it. Sounds like your friend has a good sized down payment and a good interest rate. Remember that they will get a large income tax deduction based on that payment. Right now house prices are low and interest rates are low which almost never happens and means that it wil likely be a great investment. Money you spend on your house is just an investment like taking your money from one bank account and putting it into another.

Answered by MonaLisa Overdrive AM VT wannabe

A 600K mortgage at 6.5 is about 3800 a month. So that sounds reasonable. Also consider that the housing market is near rock bottom right now and that same house may be worth over 1 million in a few to several years. Also consider that generally speaking people make more money per year over time and that 3800 will seem like a steal several years from now. I pay 5000 a month in mortgages first and second on my home and while it seems like a lot its worth it to me. Its almost new completely rebuilt in 2007 with luxury appointments 2 BR 21/2 BA with a large den 1750 square feet total on a hill overlooking San Diego Bay Mission Bay including Sea World for nightly fireworks and the Pacific Ocean. But my wife and I make over 200K a year. So its very much worth it for us to live in such an awesome home in an incredible location. If someone else is willing to spend a certain amount of money on a place to live that shouldnt really be any concern of yours. Different people have different priorities. And if someone elses priorities are different from yours that doesnt make them wrong does it?

Answered by Paul in San Diego