Washington Business Daily

What would be the down payment and monthly mortgage payments on a $3 million home?

I have fallen in love with a $3 million Hollywood Hills Tuscan-style villa, and I just wanna know what I would need as a down payment and what I would realistically be looking at as monthly payments. Any input will be greatly appreciated!

Public Comments

1. Figure $600,000 down, and payments on the order of $15,000 a month, depending on your credit rating. Don't forget to allow for taxes ($30,000 a year) and maintenance.
2. As they always say, "If you have to ask, you can't afford it". Do you make over $1 million a year ? If not, dream on..
3. All depends on what you have as a down payment. If you throw down 500K you will have a 21K monthly payment in a 15 yr. fixed loan + yearly taxes...soooo my advice is unless you have 75% of the value of this house, i would look for something more in your price range. Some other things to consider, dont forget you still have to furnish, update, maintain, heat/cool, clean this new palace.
4. A 10% down payment would be $300,000. 20% down, which might be needed to buy that expensive of a house, would be $600K. The required down payment and the terms of the mortgage would depend on your personal financial situation as well as your credit rating. If you could get a 10% down, 30 year, 6.5 mortgage, your payments for principal and interest would be a little over $17,000 a month. Property taxes and insurance would be additional. A 40 year mortgage, with the same terms otherwise, would be just under $16,000 a month payment for principal and interest only.