The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: fatty who wrote (10872)	5/31/2003 5:39:11 PM
From: Micawber	Read Replies (1) of 306849

Fatty: You're the one who said We have lots of money to spend on food, entertainment and vacation but we just can't afford a decent house. Now you're saying the taxman is taking more than half your pay and you're barely getting by. Which is it? If you have all this money to spend, then haven't you socked some of it away? If you make a 20% DP on a $600k house, that leaves a $480k loan. At 5%, that's $31k a year. Add $15k for taxes and insurance, and your at $46k, less than a third of your income. What's the big deal? Most of it's deductible. If the taxman is taking that big of a cut, think about getting a new accountant, or calling the moving company.

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