this post was submitted on 28 Dec 2023
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Curious where you are getting 25%?
At least this amount will, assuming it's just taxes and insurance, be due every month for as long as it's owned. Property taxes in California for example are around 1%/year (so a $377k home would be around $4k/year).
If you own the home outright you may not need insurance, but of course, that's a risk.
Taxes may be severely limited in how much they increase (see: California prop 13), so while they will likely increase it may not match e.g. rental increases.
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).