you're paying for this schoolbus drivers $800k house

Discussion in 'Economics' started by empee, Feb 24, 2009.

  1. Oh man, I'm proud to be a Canadian :D
     
    #101     Feb 25, 2009
  2. How in the world does a bus driver have an $800k house. An $800k loan, assuming they put nothing down, at 6% fixed for 30 years means their payment is about $4,800/month plus maybe about $1,000/month in property taxes, for a total of $5,800/month. Add in $1,000/month for food and utilities and they need about $7,000/month for their total living expenses.

    The lender and buyer are complete morons for allowing that deal to take place. My 2 year old would know that it is a huge mistake.
     
    #102     Feb 25, 2009