Tom Conner wrote:

wrote in message
...
Mxsmanic wrote:
Jay Honeck writes:

While it's not what it once was, a million bucks is enough to live on
quite comfortably for decades.

Decades? I think not. Not when a nice house alone costs more than a
million
dollars, and a mediocre house costs half a million.

Adults can get credit.

$1M house ~ $3K/month


Your math appears to be wrong. A $1,000,000 dollar loan, 30 years, at 7% is
$6700/month. Mybe if you put $500,000 down you can get a $3000/month
payment.

I have no idea what the interest rate or term is for that loan is nor
do I care.

I simply went to a couple of mortgage web sites and found offers for
fixed loans for an average of around $3K for a $1M mortgage.

Even if the payment is off it doesn't change the point that if
one were to suddenly receive $1M, one can finance a house and live
for a long time on the original principal before it goes to zero..

--
Jim Pennino

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