Oh hmm, 18%. $377/m for 30 years discounted at the interest rate mentioned gives $58K which is around 18% of the house price of $323K. My mental math was a bit off.
I see. In this case the 30 years is irrelevant I think.
This is probably PITI cost — principal, interest, taxes, insurance. Principal and interest are zero here, but the other two continue for as long as you own the home (property tax is annual like income tax — it’s not a one-time-deal like sales tax).
Oh hmm, 18%. $377/m for 30 years discounted at the interest rate mentioned gives $58K which is around 18% of the house price of $323K. My mental math was a bit off.
I see. In this case the 30 years is irrelevant I think.
This is probably PITI cost — principal, interest, taxes, insurance. Principal and interest are zero here, but the other two continue for as long as you own the home (property tax is annual like income tax — it’s not a one-time-deal like sales tax).