Weston Realtors

How much money would you have to make a year to afford a house like this?

http://www.Realtor\.com/realestateandhomes-detail/3410-Stallion-Ln_Weston_FL_33331_1109927100?source=hp

People who can afford Houses like that do NOT pay with cash. People with that kind of money are WAY too smart to put 10 million dollars away in one payment.

People who have enough money to afford houses like that make payments on it just as anyone does/would with their more humble houses. They spend 5, 10, 15k a month on their Homes and then INVEST their money elsewhere. Only an idiot would spend 10 million dollars right away when they could be investing 8 million of it elsewhere which can turn into 16 million so easily.

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First off you’d need enough money to cover a down payment. Typically, this is anywhere from 10-20%,… closer to the 20% side. I’ve never bought a 10 million dollar home before, but I’d imagine the down payment would need to be closer to 20-25%.

That being said, you’d need at least $2 million dollars up front for a down payment.

This mortgage calculator can show you how much you would need to have each month to make your mortgage payments — http://Realestate.yahoo.com/calculators/payment.html

All that being said….. If you have $2 million dollars for a down payment, I’d imagine that you make enough money to afford the house no matter what. Special circumstances, however… I’d imagine you’d need to be making around $800,000 a year to afford that house. This wouldn’t quite cover your annual mortgage payments ALONE, but that kind of salary allows you to invest your money throughout the year. $800,000 salary is much closer to 1.2 million after investments.

910 Stillwater Court | Weston, FL 33327 | Savanna | Weston Realtor