Current Events > How much will I spend monthly if I buy a 2 mil dollar house

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How much will my mortgage be and how much will my other monthly house related expenses be?

I saw a dream house for 2 mil. I'm trying to run the calculations.

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mattymad posted...

Mortgage entirely depends on your down payment and mortgage terms, interest rates, length, etc...

As for upkeep, that depends entirely on how many people live there, where the house is, etc.

Let's assume 20% down and 30 year loan

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https://www.mortgagecalculator.org

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Somewhere in the $10,000 to $12,000 a month range. Source -- I previously owned a $500,000 house in California with a 20% down payment and was paying a touch under $3,000 a month.

The real killer though was the taxes. Don't forget to factor that in depending on your state.

My parents have a 1 million dollar house, I think it's 4-5k per month for everything

Also there are entire rooms they have not entered in months. Capitalist culture is so stupid

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if you're a doctor, you can afford it
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I pay $950/mo with having more than 20% down on my $200k townhouse (refinanced it already)

HOA is $250, electricity averages about $150,

so, scaling that up by a factor of 10 (probably not so much with the HOA or utilities)

I would guess at least $12,000/mo


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Add in property tax which could be as high as an annual 2-3% of the house worth, in a place like Texas
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Hmmm

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I have a modest town home for $250k total. I pay less than $1000 per month for my mortgage and my property taxes are low, and we have an HOA for maintenance.

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