NOYB wrote:
And you have a fixed rate for that 30 years, right? It'll never never
never go above 6%, right?


Yes. Wells Fargo is now offering a 30 year fixed rate interest only loan.
The rate that they quoted me was in the mid 6% range.



Tell you what.
Spreadsheet the difference between 6% and 6.5% over 30 years, then get
back to me.

And you don't have to pay taxes on that "appreciated" property, right?


Can't go up more than 3% every year thanks to Save Our Homes Act.

And do the math on 3% compounded over 30 years too.


The bottom line here is that you're living on credit and trying to
convince yourself it's sound fiscal policy.



The only debts that I have right now are my house and my business loan.

And your house appreciation is something that you're gambling your
future for, staked to the value of waterfront property in an area of
frequent hurricanes. Add that to the fact that you like to plunder the
environment, and you have a real problem with facts & logic here (but we
already knew that).

If Bush & Cheney's environmental policies are carried out for the next
30 years, nobody is going to want to live with miles of the filthy
cesspool that our coastal waters are becoming with increasing rapidity.
And that's not counting the rising ocean level which may put your home
under water (or behind a levee... hmmm, where have we heard that before)
within 30 years.

I posted it because I like to argue. ;-) I knew you'd bite.


In other words, your 'million dollar' house is fiction? Thought so. I
also still think you're a closet Communists trying to discredit the right.

"DSK" wrote in message
...
NOYB wrote:
And you have a fixed rate for that 30 years, right? It'll never never
never go above 6%, right?


Yes. Wells Fargo is now offering a 30 year fixed rate interest only
loan. The rate that they quoted me was in the mid 6% range.



Tell you what.
Spreadsheet the difference between 6% and 6.5% over 30 years, then get
back to me.


It's interest only. Even *you* can figure out the monthly payment without a
spreadsheet:

Loan value * interest rate/12=monthly payment

At 6.5%, the payment is $5416.67/month. The total of the payments for 30
years is $1.95 million...which is still less than the 3 million in
equity...leaving you with a net gain of $1.05 million.


And you don't have to pay taxes on that "appreciated" property, right?


Can't go up more than 3% every year thanks to Save Our Homes Act.

And do the math on 3% compounded over 30 years too.

The increase is peanuts compared to the figures that we're talking about.
Remember that you're still $1.05 million ahead of the game before you start
counting taxes. Even in the worst case scenario, the taxes eat up less than
half of that amount.