Does anybody have experience with what the monthly payments come out to when buying a house in the area of 3 million pesos, financed on the local market?
Pib said:It depends on how much the down-payment is, interest and how long you will be paying. But you knew that, I am sure. The point is that banks request at least 40% down-payment and the maximun lenght is 20 to 15 yrs depending on the bank. An absolutely WAG, with the minimun down-payment (meaning you take on a mortgage for the remaining 60% for 15 yrs) would be around 30,000 pesos. Give me more details and I'll see if I can find the exact number.
Barnabe said:Amount 3 000 000 DOP
Annual rate 35%
Payment : monthly
Payment/month
135 708 DOP 3yrs
106 471 DOP 5yrs
93 413 DOP 8yrs
88 916 DOP 12 yrs
87 998 DOP 15 yrs
Excel results
Barnab?
sweetdbt said:
Take that 40% down payment and leave it in a peso account at 25% interest and in 5 years you will have enough to pay cash for the house! Of course that's if you don't pay any more in.
solituna said:I have heard a lot about these high interest accounts. Would you please be so kind to help out by providing more details?
Thanks!
Solituna