Most mortgage calculators add in property taxes, insurance, and HOA fees to give a truer cost to potential homebuyers. So, if you are paying all cash, the mortgage calculator is going to give you the additional costs only.
A lot of times, it is paid in escrow to the mortgage company. However, even if the mortgage company isn’t collecting it, it still needs to be paid.
It depends on the area. Both Texas and New Jersey have very high property taxes, so it wouldn’t be that surprising. Or it could be expected insurance costs like in Florida, which could be very high.
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).
I’ve seen condos where the Strata/HOA fee alone would have been around 25% of the monthly mortgage.
$400 / month strata on a $1600 / month condo. It’s practically thievery, no idea how maintaining and apartment is supposed to cost $4800 a year per person. Can’t remember how many unit but even assuming a low count of 10 units that’s $48,000 a year in maintenance. Seems pretty excessive.
Calm down, this isn’t the banks screwing the little guy. This number includes tax and possibly insurance — “PITI” (principal, interest, taxes and insurance) is the standard quoted cost. It’s just an estimate. You can often pick your own insurance which will change the cost, and if you’re buying in cash, insurance may not even be required. (It will almost certainly be required if you have a loan, since the bank wants its assets protected.)
At my giant workplace, they don’t think people are “experienced” enough unless they move around. Then in hiring they also comment negatively about those who move around too much. It’s all arbitrary bullshit. Whatever random feelings a hiring manager has. Never what is actually needed for the job.
It’s sad how true this is. I quit my job and went to work for another company for a year. The previous company contacted me wanting me back, and hired be back after a year for $15k more than before. I’ve been there a year now and got a 3% raise. Probably should just quit again and get rehired
Suddenly no more office-only or office-first policies, suddenly there is money to offer, suddenly there is possibility to have a better computer.
Also suddenly HR system couldn’t work for a week, so signing a new counter-offer contract might not be possible at the moment. “Cancel your offer, you will sign in next week”.
Stupid question, wasn’t that a risky move? I mean, the way I was raised to think by my parents I can hear their voices in the back of my head if I went through a situation like this, similar to this:
“But aren’t you worried they might hire you then fire you just out of spite for switching companies? And then what are you gonna do?”
Not OP, but companies don’t really care about people to that degree. They act for profit, or perceived profit, or to avoid a loss- someone that they know to be useful who is already familiar with the business is more valuable than an unknown.
Makes sense. People think they are the center of the universe when companies only see you as an additional cog in the machine. I’m not sure if I’m happy or sad by this. I’ll choose the positive side of things today.
Yeah, it’s both shitty and sometimes useful. It reminds me of an article I read once about implicit hierarchies- sometimes when organizations try to do away with traditional management, what they end up with instead is an unofficial and opaque control structure based on cliques and influence. In those cases it can be better for newcomers if there is an explicit set of rules and guidelines.
It wasn’t risky because I wanted to leave. I had problems with how they ran things. Then I realized the new place was even worse, and the old place reached out to me offering my job back. They explained how many of the things that I had issues with had been resolved or were being worked on. And they weren’t lying because I’m still there and quite happy.
No company with a single HR person would re-hire you just to fire you out of spite. It costs a chunk of time and money to get someone onboarded, which would be wasted. If they didn’t like you, they could just forget about you.
“And then what are you gonna do” is pretty clear, go back to the other company or find a different job. Not really a bad outcome.
Carey likely pocketed about $1.55 million in 2021 from the master recording revenue, according to Billboard
Thought this was interesting. It’s not nearly as much as I expected but if I made that passively I wouldn’t do anything ever again other than living life
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