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Its viable. But you cant pay as much which is why prices come down when rates go up...
by wtvanhest 8y ago
Its viable. But you cant pay as much which is why prices come down when rates go up...
- user5994461 8y agoThus it is not viable. It's a single equation with 3 variables. The monthly payment, the rate and the duration. The payment is about 50% of the typical salary in the area. The rate is set by the economy. The duration is determined by the two other variables, it's not adjustable on its own.
- wtvanhest 8y agoTMV calcs have 5 variables. Pv, n, pmt, rate, fv If you raise rate, and assume pmt, fv constant you must increase n or decrease pv. My original point was that pv (loan value must come down) secondarily, n increases.