Welcome to the IHoP

[///M5 2,833]

Alright, so

$250,000 home

30 year mortgage

8.5% APR

PMT = PVA / [(1-((1.00708333)^-360)/.00708333]

Payments = $1,922.28 per month

therefore

1922.28 * 12 * 1.00708333 * 30 = 696821.10

So, after the thirty years you essentially pay the bank $696,821.10 for a $250,000 piece of property?

(No, not buying a house, Finance Homework)

rates dropped to 5.5 today...

[///M5 2,833]

Alright, so

$250,000 home

30 year mortgage

8.5% APR

PMT = PVA / [(1-((1.00708333)^-360)/.00708333]

Payments = $1,922.28 per month

therefore

1922.28 * 12 * 1.00708333 * 30 = 696821.10

So, after the thirty years you essentially pay the bank $696,821.10 for a $250,000 piece of property?

(No, not buying a house, Finance Homework)

8.5 is a serious joke. You should be able to buy a 250k house for less than 1500/mo with all other shit included

[///M5 2,833]

so, if you put 50,000 down payment (20%) and a 15 year mortgage

PMT = 200,000 / [(1-((1.00708333)^-180)/.00708333]

Payment = $1969.48

50,000 down payment + (1969.48 * 12 * 1.00708333 * 15) = 407,157.20 total investment?

Sounds about right ... But, d*mn, I'd hate to be putting $2000/month into my mortgage ...

You'd really hate mine then, I'd frickin' love it if it were only $2k and I put nearly 40% down

[///M5 2,833]

so, if you put 50,000 down payment (20%) and a 15 year mortgage

PMT = 200,000 / [(1-((1.00708333)^-180)/.00708333]

Payment = $1969.48

50,000 down payment + (1969.48 * 12 * 1.00708333 * 15) = 407,157.20 total investment?

Sounds about right ... But, d*mn, I'd hate to be putting $2000/month into my mortgage ...

I've been analyzing this kind of stuff lately quite a bit. Typically, with 20% down, you end up paying twice as much over the course of the loan than you originally bought it for in a 30 year loan. In a 15 year loan, it's about 1.5 as much.

So you think well, why don't I just save it all up and buy it in one fell swoop? According to my calculations, after you pay an average amount of rent over 30 years, you'll end up with about the same amount of money into it (rent + savings invested at a decent rate) as if you had bought the house and made payments. Either way, you have a house after 30 years. The problem, though, is that the same house will likely not be the same price in 30 years. It may be twice as much (or more) by itself without even adding in the rent you paid over that time. So in the end, it is actually better to buy the house and make payments in most cases.

But yeah, it sucks that everybody says that a house is normally the best investment, but yet if it doesn't appreciate in value quite a bit and depending on where you are on your loan, you may not be ahead for 20+ years.

But also remember that you don't have to make the minimum payments on your house. I, for one, plan to try and pay it off as early as possible. Even just sneaking an extra 100 per month into the principal can make a sizable difference.

In 30 years it will be WAY more than double the price. My old house tripled in price in 8 years.

[vladd 26]

we have a new one, but this one is prettier

[///M5 2,833]

basically get a 15 year mortgage, or buy the property outright in one fell swoop

I don't agree with either of those statements.

Me neither

[///M5 2,833]

nice work on the caddy and happy birthday ryan

[Adrian_D 520]

Theres the current final design of the Cadi dash. The doors you can't see anything on but they have the 6.5 MLI's in them deadened, ensolite, and sealed up as best I could.

Turned out awesome !

And Happy Birthday !

[Adrian_D 520]

Mothertrucker !

I scored 26 at the exam yesterday and 27 was the minimum to pass.

Just sent the prof an email basically begging him to find an extra point. Fingers crossed, he's one of the most absurd prof's untill now

[vladd 26]

take a shot in the jaw

[///M5 2,833]

Almost bedtime

[vladd 26]

bedtime? you still on the other side of the world?

[dem beats 1,223]

Having fun in asai?

Sean do you know anyone who might want some billiards tables? Both are beautiful solid wood. One is antique brunswick. 1.5 inch slate. That one is sexy, if I didn't have an HT I would keep it.

If I dont' find a home for these 2 tables The slate will end up in my shop and counter or in my yard broken up as flagstone....

[///M5 2,833]

Having fun, yes.

At the moment, I can't think of anyone who has space for a table. I already have one that I really don't use

[dem beats 1,223]

It's billiards too.. not pool.

=/

rawr I would hate to waste it. If it was a pool table the brunswik I saw online for 5,000 bucks, as it's over 100 years old. But as a billiards/snooker table, no one wants.

[dem beats 1,223]

someone with a stone router could cut the holes no problem I supose, but I'm not interested in putting money out for that.

[dem beats 1,223]

so, if you put 50,000 down payment (20%) and a 15 year mortgage

PMT = 200,000 / [(1-((1.00708333)^-180)/.00708333]

Payment = $1969.48

50,000 down payment + (1969.48 * 12 * 1.00708333 * 15) = 407,157.20 total investment?

Sounds about right ... But, d*mn, I'd hate to be putting $2000/month into my mortgage ...

You'd really hate mine then, I'd frickin' love it if it were only $2k and I put nearly 40% down

now THAT is baller

[dem beats 1,223]

I'm really really pissed with my sub install. It's such a damn headache to run the wire to the trunk. The center console have 10+ bolts holding it down. And to take off the seats as I had planned will require another special tool on top of the HUGE torques bit I just got. I want to deaden the floor, and really the firewall but this is retarded. Really really retarded.

I'm verry frustrated with this install... it's almost taking the fun out of it... almost. I just need to block off 2 days, but with winter racing to us I have too many outside chores to doo like the invasive bush that has completely split and grown through my 2nd pond, reseal/cement the small pond, and decide if I want to paint, or side the house. I really don't want to drop 10K on siding right now.

[///M5 2,833]

I wouldn't either.

[dem beats 1,223]

especialy without windows too. If I did both I think I would be out 20-30k or so. sure I would save 20% in heating and cooling, but even if heat and cooling was 300 a month every month, I wouldn't make that back in a loooooong time.

[Penguin4x4 1,761]

Doing finance homework is depressing

[dem beats 1,223]

Cheep ass top.

[MKader17 332]

I'm really really pissed with my sub install. It's such a damn headache to run the wire to the trunk. The center console have 10+ bolts holding it down. And to take off the seats as I had planned will require another special tool on top of the HUGE torques bit I just got. I want to deaden the floor, and really the firewall but this is retarded. Really really retarded.

I feel ya man. Seems like its always something. I do not have the easy to access hole in the firewall like M5 does and I own the same year truck both EC and both z71. I don't even have a drill bit big enough for the 1/0 so I'm going to have to get a unibit, and I am considering running the Power wire under the truck because its damn dear impossible to get a drill bit in a descent spot on the firewall.

On a good note though, box is on the way and seat lift is on the way! Still need an Icon...

Sean, is your truck LT?

[MKader17 332]

OMG Chevy350TPI I was that RLi so bad, I wish i had extra money at the moment.

[ANeonRider 3]

Alright, so

$250,000 home

30 year mortgage

8.5% APR

PMT = PVA / [(1-((1.00708333)^-360)/.00708333]

Payments = $1,922.28 per month

therefore

1922.28 * 12 * 1.00708333 * 30 = 696821.10

So, after the thirty years you essentially pay the bank $696,821.10 for a $250,000 piece of property?

(No, not buying a house, Finance Homework)

8.5 is a serious joke. You should be able to buy a 250k house for less than 1500/mo with all other shit included

No shit, my rate is 5.54%, 25y mortgage, I'm paying shy of $1450/mo