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If you can afford a $500,000 down payment and secure a 30-year fixed mortgage rate at 6 percent, your monthly costs would be about $12,000. Annual taxes are about $6,450 and the monthly homeownership dues are $388. The dues cover the water, sewer, garbage, real estate taxes and dock maintenance, according to Miner's Web site.
Why would anyone be foolish to finance a $2.5 million home? Homes over $1m should be paid for in cash unless you just want to pay such costly interest.
College Confidential is dedicated to providing the best free college admissions information available on the Web, through our many articles and this discussion forum.
