My SONYMA loan story..

[frofan]

@Fry

lol there’s the logic that put the country into a financial crisis.

$247k @ 5% for 30 years = $1326/month
A $247k house in buffalo will fetch maybe $6k in taxes = $500/mo
+100/mo electric
+150/mo natural gas
+50/mo homeowners insurance
+50/mo car insurance
+200/mo gasoline
+400/mo food
+50/mo cable/internet

=$2826 + car repairs, house repairs, christmas presents, movie rentals, beer, etc.

On a 40k salary your monthly income is $2500 after 25% income taxes.

Therefore, mortgage industry meltdown.

Fry summed it up pretty good. Do the math before you jump in head first and end up costing me more!