Originally Posted by
ISP James
it's still less than you would have to pay up front.
in the past, with the HGTV dream home giveaway, they have always included a pretty nice sum of cash that will cover the taxes on everything (including the cash)
so, you have a pretty kick ass house & a new SUV, as long as you can swing the property taxes & homeowners insurance, you are good to go.
Yes but my question was could you afford this place if you made about 100K a year?
These are my guesses as to what it would cost...
Federal Income Tax...~700K financed for 30 years @ 6% = ~4200 per month
State Property tax...~22-30K ~1800-2500 per month
Homeowners' Association dues...~500 per month
Homeowner's Insurance...~300 per month
All utilities (water/sewer, electricity, gas, etc.)...~500 per month
100K / 12 = $8500 per month income before any taxes taken out...