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He says he has the 20% down, so that makes a significant difference in the payments when you cut out PMI/robbery. A little over $2000 amonth, not well north of $2,500.
Either way I'd discourage the move.
Ah, I missed that... I'd feel much more comfortable borrowing $280k and paying around $2k. But, the question is can you find a property worthy of sinking $70k cash into?
Ah, I missed that... I'd feel much more comfortable borrowing $280k and paying around $2k. But, the question is can you find a property worthy of sinking $70k cash into?
If you're willing to commit to a 350K property...you're willing to commit to a 350K property, whether you put down 70K or 35K, it doesn't really make a difference, that monkey is on your back either way.
The monthly payment on a 280k loan is about $1700 at todays rate of 4%. Figure a house at that price might carry about 8k in property taxes so another $650 per month. That gets you to 2350, add another $100 for homeowners insurance. So $2450 for the house....somewhere cheap (rural/depressed areas) that house might run you $1500 and maybe $2000 somewhere mid prices (outside of philly or dallas etc.). So thats a extra 5k-10k per year for living in a high housing prices locale.
Some other things here do cost more utilities and labor for example. But if you are pretty handy you can avoid a lot of the labor costs. These are really small costs, cable here is really cheap 69.99 for a triple play from verizon or cablevision.
The monthly payment on a 280k loan is about $1700 at todays rate of 4%. Figure a house at that price might carry about 8k in property taxes so another $650 per month. That gets you to 2350, add another $100 for homeowners insurance. So $2450 for the house....somewhere cheap (rural/depressed areas) that house might run you $1500 and maybe $2000 somewhere mid prices (outside of philly or dallas etc.). So thats a extra 5k-10k per year for living in a high housing prices locale.
Some other things here do cost more utilities and labor for example. But if you are pretty handy you can avoid a lot of the labor costs. These are really small costs, cable here is really cheap 69.99 for a triple play from verizon or cablevision.
And thankfully NY does not have a property tax on automobiles like other states do.
People do forget about thos auto taxes. NY is one of the cheaper states for that. If you have a luxury car you should check out how crazy nevada is...you will end up paying 10's of thousands in taxes over the life of the car.
The monthly payment on a 280k loan is about $1700 at todays rate of 4%. Figure a house at that price might carry about 8k in property taxes so another $650 per month. That gets you to 2350, add another $100 for homeowners insurance. So $2450 for the house....somewhere cheap (rural/depressed areas) that house might run you $1500 and maybe $2000 somewhere mid prices (outside of philly or dallas etc.). So thats a extra 5k-10k per year for living in a high housing prices locale.
Some other things here do cost more utilities and labor for example. But if you are pretty handy you can avoid a lot of the labor costs. These are really small costs, cable here is really cheap 69.99 for a triple play from verizon or cablevision.
280k @ 4% would be $1,336.76 for P&I - where does $1,700 come from?
People do forget about thos auto taxes. NY is one of the cheaper states for that. If you have a luxury car you should check out how crazy nevada is...you will end up paying 10's of thousands in taxes over the life of the car.
I live in NC and we don't pay tax when we buy a car. You pay year over year, but on the depreciated value of the car. It's a wash at best, although by my calculations it's going to end up working in our favor.
It did suck having to pay property tax on a car we had already been taxed FULLY on in NY though.
I have heard the tax is steep in other states though.
I would just say go to one of those cost of living comparison calculators but the one's I have seen are so out of date and don't account for the housing bust. My guess is 110k in nassau/suffolk is equivalent to 80-90k in most of Penn. If you can live the life you want on 80k where you are then I think it would be ok to move here for 110k especially since you might be able to make much more over time here as there are generally more opportunities to move up then in a more rural part of the country.
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