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Mobile mansions
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<blockquote data-quote="TacomaJD" data-source="post: 661815" data-attributes="member: 1780"><p>I didn't think so, but I was wondering what would be comparable to the $225 he was paying for rent prior. </p><p></p><p></p><p></p><p></p><p></p><p>This is what I see here. </p><p></p><p>Principal payment on $40k for 10 years at 3.5% is $395. </p><p></p><p>Principal payment on $80k for 30 years at 4% (which is the interest rate we are getting on our new house) is only $382.</p><p></p><p>Then there is homeowners and land tax of course. </p><p></p><p>So if he can afford a trailer on 10 years, he can 100% afford an $80k or less house. A lot of people frown on 30 year mortgages for good reason, but in my book a 30 year mortgage on an appreciable asset is a bit more wise than 10 year loan on a heavily depreciable asset that serves the same purpose. Like I said, my 11 year old 2 bed 2 full bath standard spec house on a half acre, hardwood/carpet, plain jane as it gets otherwise, but has been nice enough to suit me is only $413 a month. </p><p></p><p>I could sell it when we move in the new house and pocket a good chunk of money after satisfying the remainder of the loan, but I am going to rent it out and try to pay it off much sooner than the full term. If I had bought a trailer 8 years ago instead of a house, it probably would be worth less than half of what I'd have invested in it. Appreciable vs. Depreciable. </p><p></p><p>Just some food for thought.</p></blockquote><p></p>
[QUOTE="TacomaJD, post: 661815, member: 1780"] I didn't think so, but I was wondering what would be comparable to the $225 he was paying for rent prior. This is what I see here. Principal payment on $40k for 10 years at 3.5% is $395. Principal payment on $80k for 30 years at 4% (which is the interest rate we are getting on our new house) is only $382. Then there is homeowners and land tax of course. So if he can afford a trailer on 10 years, he can 100% afford an $80k or less house. A lot of people frown on 30 year mortgages for good reason, but in my book a 30 year mortgage on an appreciable asset is a bit more wise than 10 year loan on a heavily depreciable asset that serves the same purpose. Like I said, my 11 year old 2 bed 2 full bath standard spec house on a half acre, hardwood/carpet, plain jane as it gets otherwise, but has been nice enough to suit me is only $413 a month. I could sell it when we move in the new house and pocket a good chunk of money after satisfying the remainder of the loan, but I am going to rent it out and try to pay it off much sooner than the full term. If I had bought a trailer 8 years ago instead of a house, it probably would be worth less than half of what I'd have invested in it. Appreciable vs. Depreciable. Just some food for thought. [/QUOTE]
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