Pallo isn's and need not make $400K a year to get into that house ____ and his big coming financial pressure cooker. $350K / $400 K are absurd numbers for him.
Lets' be generous and suggest, for argument's sake someone is buying a $700K house. Assuming a 30-year fixed mortgage and a 20 percent down payment (pretty standard) of $140,000, at an interest rate of 6.5 percent, your monthly principal and interest payment would be $3,539. That’s more than $42,000 per year on principal and interest alone. Round that monthly figure up to around $4,200 to account for property taxes, homeowners insurance and HOA fees, all of which vary widely. That makes your total annual housing bill $50,400.
This is all very, very speculative, but illustrative. There are also sketchy lenders and old Sour Susan works in finance, so she might work a deal of some sort for him. It's all speculation.
Now apply the common rule of thumb that you shouldn’t spend more than about a third of your income on housing. The $50,400 figure, multiplied by three, comes to $151,200 — that is the general (very rough estimate) salary you’d want in order to afford this home purchase. Perhaps Pallo had a past statement to demonstrate that income. Is it assured now. NO.
To reiterate, these numbers will vary
drastically depending on variable factors like homeowners insurance premium and local property taxes. Your monthly payment will be lower if you snag a lower mortgage rate, higher if it’s higher; and your payment will be higher if you make a down payment of less than 20 percent as well.
Grifty is on the mortgage and he's on the hook. But, as I said, his guarantor (personal and not on the mortgage) is undoubtedly Susan and she's the one who made this happen ___ and he'll expect and she may provide monthly help, along with Casey. (Mommy undoubtedly got promises to work harder
and he'll try and get sick of it and the financial burdens quickly. Again, cue the crying and moaning. His disease will conveniently flare up. He'll drink to excess and often. ). The parents will run to the rescue and once again, if possible, try to right his sinking ship. It's almost a certainty.
But I stray. To reiterate, the $400K income people are mentioning is laughable and absurd in the extreme. People making $400K don't have Mommy look after it and provide them with a $500 DEBIT card; they don't drive 14 year old cars; they don't grift online for monies; and they don't take shower shows for old men and women online to bring in some dollars ___ and they don't buy little 2K sq ft double decker houses in Celebration.