Can someone explain to me how to buy a house? I made about 140k from crypto...

Can someone explain to me how to buy a house? I made about 140k from crypto, took home about 100k after taxes which is sitting in my account.

What is a mortgage? Is that the amount you borrow after down downpayment (which is your initial payment in cash?). So basically a mortgage payment is the amount you owe plus interest?

How much is the interest supposed to be when you take a mortgage for a house? Does it vary? Thanks

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is that elon malone?

If a house is 100k, you pay $20k and then the bank pays $80k. For the following decades, you will have to pay those $80k back to the bank plus interest. I think that the longer the terms, the higher the interest. The terms can vary from 10 to 30 years but usually 25 years and this for how long you have to pay back the bank. That's how mortgages work from my understanding but I knew it can be a bit more complex. Like here in the UK there are different types of mortgage.

Go talk to realtor. There's like 10 in every town... They'll be infinitely more helpful than Jow Forums

id start on loopnet or zillow

A mortgage is essentially a type of loan that is tied to real estate (hence why you don't have a car 'mortgage') The mortgage is for the sale amount minus the difference of down payment + closing costs.
Your interest rate will vary depending on several factors including your own credit score and history, as well as when the Fed changes rates. Sounds like you have your shit in order, and I would be shocked if you were offered anything over a 5% rate, in fact you might be closer to 4%.
Your down payment amount can also impact this. First time home buyers are generally given more leniency and can get away with as little as 3% down. I believe most sales involve a down payment of 10% - 20% of home sale.
You can talk to a realtor but to get to the actual details of what a mortgage would look like to you, reach out to a lender for pre-approval. It will count as a hard credit check on your report but a pre-approval is in no way an obligation to buy a house, and once they check out your credit and assets will guide you to a mortgage that suits your needs. From there you can also ask if you were to put more or less down payment, how would that impact the payments, etc. Honestly if you're not fucking around with FHA or VA loans then the home buying process is pretty straight forward, and you'll find that your lender and your agent will always be in your corner.

Nah its post elon

I'm also talking from experience buying in the US, so if you're not in the US I'm not sure how much of what I said really carries over.

Just to add on this

If you do not put at least 20% down (usa) you will have to pay a mortgage insurance premium until you do have 20% equity which protects the bank in the loan

You will also pay an escrow each month which is a combination of estimated property tax and home insurance.

So my payment is $820 a month

$400 interest on the home loan
$200 equity
$100 house insurance
$60 mortgage insurance
$80 property tax

All of this is paid to the lender and they make the dispercments

Holy shit, Jow Forums genuinely trying to help. I'm moved

Wait, your monthly payment is $820... but only $200 goes to the equity? So you're paying $620/month to the bank/insurance?

Welcome to America. I bought a house four years ago, paid $5k a month in mortgage. Made a dent of about $10k in four years. Now I’m selling and never buying again.

Wait... What? So if you buy a 500k house... you end up paying almost 1.5MM for it by the end????

If you buy a house with an 80% mortgage loan and average interest rate for 30 years you will probably pay 150% of the total houses value over 30 years. Mortgage loans start out being around 75% interest and 25% equity at the beginning and will flip to 75% equity and 25% interest near the end of the loan.

In my case I'm near the beginning of my loan. It will be $600 a month for 360 months. But is mostly interest; then slowly flips as I build equity. If I never pay additional principal that's 216k I'll spend on a 130k loan (only put 5% down). My interest rate is 3.5% I believe. If I wasn't phone posting I'd find you a graph that shows how the interest/equity percentage cross over the years.

Do you really have to put down 20%?

How about putting in more than 20%?

Isn't this.... a form of usury?

I mean I understand that banks/lenders should make some money off loans, but this seems unreasonable?

That's the point.
Its like 1% a year on the value of the home.

Refinance and pay it off early.

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No usury is the loans percentage. Mortgage loans are much lower. It seems off to pay so much in interest upfront but you are paying the exact same percentage of interest in the first year that you do in the last. It's just you have less of the principal payed at the beginning. We are talking about a loan over 30 years with an appreciating asset. And there is no restriction on paying additional principal to lower the amount of interest over the years and would lower the monthly payment

> Help
> Get a mortgage
Not so fast, compadre

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Mortgage means death contract

Yes its usury. Those damn jew bankers should lend you the money at zero percent interest because reasons.

I wouldn't lend anybody money at zero percent but Jow Forums thinks its a conspiracy.

Just remember this:

If someone offers you a closing credit instead of your price discount offer don't take it. It's basically a scam to keep more tax revenue coming in.

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>that pic tho
fucking kek my sides

Im thinking more like Malon Pusk

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i think it's more than that. closer to 75%.

quick check says on $250k mortgage you'll pay $442k in principal and interest over 30 years.

but - the deal is that most people don't take a 30-year mortgage with the idea of taking 30 years to pay it off. you take it so you can get into the house you want... now... then make larger principal payments or pay off the house early as you get richer later in life.

So basically we're going to have an extreme housing crisis when automatic takes everyone's jobs?

Put in as much as you'd like

exactly. Nobody needs to live anymore and houses will be shorted as soon as AI is fully developed.

>not Pelon Malusk

You are dumb, just wait 10 years and you will be able to buy 1 house per 1 btc

>he doesn't realize real state will be tokenized as 1:1 to wrapped btc

>he doesn't realize usury is a sin and was set as the law we all work and live for during the 1850-1900 and it's the reason of why civilization will collapse without any kind of hope to rebuild it
>he doesn't realize all forms of debt are through the dogma of usury fulfilling productivity and it's the most perverse way to commodify everything in the world to a state of non-being or AI

can you explain more? No need to be a faggot.