Hi everyone. We are thinking of taking advantage of the high USD to finally buy a house (in Bogota). I´ve been looking for a good mortgage calculator here to better understand how they mortgages are calculated here in Colombia but haven´t found one yet.
Given that mortgage rates are around 10% I´m wondering if they are calculated the same as in the US? Maybe I´m being overly optimistic, but I have a hard time seeing how people could pay the monthly payment if done the same way. I had a mortgage in the US for $350k and that was around $2k/month (at 4.7% for a 30 year). So would that imply the same amount here but most likely on a 15 year mortgage as that is more the norm here would be roughly $5k/month? If so, who can afford that? If that is the case, who
Anyhow, if anyone has experience with this please do reply.
Thanks,
John
Given that mortgage rates are around 10% I´m wondering if they are calculated the same as in the US? Maybe I´m being overly optimistic, but I have a hard time seeing how people could pay the monthly payment if done the same way. I had a mortgage in the US for $350k and that was around $2k/month (at 4.7% for a 30 year). So would that imply the same amount here but most likely on a 15 year mortgage as that is more the norm here would be roughly $5k/month? If so, who can afford that? If that is the case, who
Anyhow, if anyone has experience with this please do reply.
Thanks,
John
