I didn't discuss too much about down payment. I paid 20% down when I bought my first house. All these calculation assumes that you are putting 20% down payment. How many people in Caclifornia can afford a 20% down payment for a $1M home? Very few.
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I think that is the case all over the place. That's why you see people getting suckered into these high interest balloon loans and stuff like that. It's pretty crazy! I don't think we did a full 20% down on this house. We had to be pretty close though. With the equity we built here, we should be able to on our next one I hope.