Biggest Monthly Lightning Payment
Senior Member
Joined: Mar 2000
Posts: 6,798
Likes: 0
From: TEXAS
Originally posted by l-menace
just becuase the interest rates go down doesn't mean you are going to spend less on a house!~
My parents sold one of their rental houses when the interest rates went down and made a killing!
Here's why:
People looking to buy a house have a preconceived number that they can spend per month. when the rates go down, that means they can afford a more expensive house, becuase more of the monthly payment is going toward principle.
Now sellers realize this and simply raise the price of the house. the seller doesn't care how low the interest rate is, because this won't affect the sale price (the money in their pocket).
so for all of you that think you will be able to afford a nice house becuase the interest rates go down, think again. the interest rates go down, the price of the house goes up, becuase they buyer can afford to spend more on the house.
(without going into greater detail, that is the crux of buying a house when interest rates are low --> you just spend more on the same house)
just becuase the interest rates go down doesn't mean you are going to spend less on a house!~
My parents sold one of their rental houses when the interest rates went down and made a killing!
Here's why:
People looking to buy a house have a preconceived number that they can spend per month. when the rates go down, that means they can afford a more expensive house, becuase more of the monthly payment is going toward principle.
Now sellers realize this and simply raise the price of the house. the seller doesn't care how low the interest rate is, because this won't affect the sale price (the money in their pocket).
so for all of you that think you will be able to afford a nice house becuase the interest rates go down, think again. the interest rates go down, the price of the house goes up, becuase they buyer can afford to spend more on the house.
(without going into greater detail, that is the crux of buying a house when interest rates are low --> you just spend more on the same house)
For example - If they want to upgrade from a 2000 to a 2003 truck and the payment only goes up 20 a month they think they have done well. They dont worry that the payment just got extended for 6 more years. They dont ever think that they have just thrown away 12k plus interest to upgrade. The total $$ lost in the upgrade will be close to 20 grand or more with interest.
With houses MOST people base the amt they will pay on the value of similar houses in the area. If comparable houses have sold for $62 a square foot then another house can be expected to be bought for the same kind of $$... The interest rate has no bearing on that decision.
Senior Member
Joined: Apr 2001
Posts: 1,479
Likes: 0
From: O'Fallon, MO
Originally posted by Killa B
And as far as having a $600 or so house payment, AmoJohnny, its because they don't live in F'n California like we do, where we can't pick up a halfway decent house for below $200k these days. If we were to move out to St. Louis or Minneapolis, $200k would get us a REAL nice custom house.....And we'd be able to get ABOVE 91 octane gasoline for less than the $2.35+ per gallon we pay for our crappy gas
.
And as far as having a $600 or so house payment, AmoJohnny, its because they don't live in F'n California like we do, where we can't pick up a halfway decent house for below $200k these days. If we were to move out to St. Louis or Minneapolis, $200k would get us a REAL nice custom house.....And we'd be able to get ABOVE 91 octane gasoline for less than the $2.35+ per gallon we pay for our crappy gas
. That said, I'd expect to pay at least $400K near San Diego (Where we want to move someday) for the same house I paid $190K for in St Charles county 2 years ago.
Member
Joined: Jul 2002
Posts: 59
Likes: 0
From: Palm Beach
I thought my payment was High
And it is $650 a month. I even paid 7g's to get out of my Exploder. I had one of 5 Ford explorers that was a 5 speed manual that was also a 4x4. In south florida nobody wants a 5 speed exploder so I was majorly in the hole!!! I think maybe 1k went to the down payment the rest went to my upside downess. I paid 33k for mine. Insurance in my area is 3k a year for full coverage and state farm!!!!
Senior Member
Joined: Aug 2001
Posts: 1,987
Likes: 0
From: MA
Lightning payment around 30K...one payment made.
Mod payment around 100 bucks/month
rent....750/month
garage 85/month
future house...2500/month (after 80-100 grand down)
It SUCKS living in taxachussets!
Mod payment around 100 bucks/month
rent....750/month
garage 85/month
future house...2500/month (after 80-100 grand down)
It SUCKS living in taxachussets!
Senior Member
Joined: Apr 2003
Posts: 653
Likes: 0
From: wyoming MI.
Originally posted by SlowSVT95
I'll be paying $500 or more a month... Depending on what I feel like paying that month. I got an interest free loan.
I'll be paying $500 or more a month... Depending on what I feel like paying that month. I got an interest free loan.
Bored, nosey, people want to know
Senior Member
Joined: Apr 2003
Posts: 653
Likes: 0
From: wyoming MI.
Originally posted by SlowSVT95
It's a secret. Give me a few days and I'll reveal it.
It's a secret. Give me a few days and I'll reveal it.
your family kept the old one didn't they? I love my Gen 2, but the Gen 1s got me hooked , and will always be my favorite.
Senior Member
Joined: Jul 2003
Posts: 3,891
Likes: 0
From: NJ
Originally posted by D Davis
Of course the next think will have to be pics of the new beast.
your family kept the old one didn't they? I love my Gen 2, but the Gen 1s got me hooked , and will always be my favorite.
Of course the next think will have to be pics of the new beast.
your family kept the old one didn't they? I love my Gen 2, but the Gen 1s got me hooked , and will always be my favorite.
The gen 1 is staying... I might use it to drive to work.
