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Anonymous
Buying $300,000 Townhouse 2016-07-24 01:08:34 Post No. 1399516
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Buying $300,000 Townhouse 2016-07-24 01:08:34 Post No. 1399516
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Me and mom are buying a $300,000 Townhouse and have about $250,000 in the bank. For the rest of the year, her $1600/month job is all the income coming in aside from half the sale of our previous house we have.
How much would you recommend we put in as down-payment, and how should we secure the rest? She's going to a financial advisor soon, but I'm just curious now.
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>>1399516
Invest in trumpcoin
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>>1399518
ebin my dude
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>>1399516
20% to avoid insurance fees, talk to a mortage lawyer
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Depends on your rate of return at the bank.
If it's less than the mortgage rate, then get a lower mortgage. If it's more, then get the smallest mortgage possible that avoids any mortgage insurance or anything crazy like that and let your money make money.
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>>1399516
>buying a townhouse with his mom
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>>1399579
No point in putting down that much when rates are so low. You can just invest your leftover cash into index funds and beat the mortgage rate.
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>>1399516
>her
>she
oh no
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>>1399560
https://www.youtube.com/watch?v=dQO1nGchZ50
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>>1399583
Basically this. Put the minimal down payment on the house that you can without paying more in interest/fees. Pay monthly minimums on the mortgage, and nothing more. Invest the money, and it will grow faster than the interest on the mortgage.
Effectively, this means that the longer you take to pay off the mortgage, the cheaper it gets. It's counter intuitive because you 'pay' more, but you are generating more money than the difference of paying it outright.
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