[GSXR1000DJ]

I went to the bank on Friday to see what I Q'ed for for a mortgage. To my surprise, I got approved for $140,000 on my credit alone without Carries. I don't think we better add hers or they will raise it and then look out. LOL

So now we are looking at homes on the weekends to see what we like and what we want. Here is where I am thinking I am getting old or something. I have always wanted a bike and that was it. I have always owned a bike. Now that we are looking into moving soon into our new house, I am putting the bike up for sell to help add to the down payment. :yikes: Yes I just said that. I am selling the bike. I want a house more then the bike right now. I have to be getting old. LOL

Don't worry. I will get a new one again after the house but the house is coming first for me right now. :bonk: I must have bumped my head. hehehe

 

[Gas Man]

Dj!!!! :screwy: :bash: I'm going to pound you in the head!!! :bonk: :wtf: are you thinking!!! :dupe:

Sell the bike!!! :nonod: NOT A GOOD IDEA!!!

N4S, I hold you 60% at fault because "friends don't let friends sell their bikes"!!!! :cursin: I'm going to :bash: !!!!!

:leaving:

 

[GSXR1000DJ]

LOL. :lol: :lol:

 

[2FURYUS]

I don't think old is the word...maybe responsible....

But think about.... how much will selling your bike really help?

Say you get six or eight grand for your bike.... on a 30 yr home loan, your only talkin maybe $50/month or less....

Keep the bike dude! You'll regret it later..... :thumbs:

Just my :2cents:

 

[zx636r]

well guess i wont see u riding around here in pa this summer. but i agree with above it wont nock that much off the payments. but the only way i would sell it is if i knew for sure i was gonna get a brand spankin new one a year or two later. but you gotta do what you gotta do.

 

[Captain Morgan]

But think about.... how much will selling your bike really help?

Say you get six or eight grand for your bike.... on a 30 yr home loan, your only talkin maybe $50/month or less....

I'll have to do calculations later when I have more time and I know how much he's expecting to get out of the bike, but to be honest, 6 or 8 grand up front will help out quite a bit in decreasing the amount of interest he pays overall. Granted, it won't decrease the monthly payment that much, but it WILL significantly impact the total dollar value of interest.

DJ, post up some numbers when you get a chance and I'll tell you exactly how much difference it will make, that way you can make an informed decision. BTW, I'm a finance major and have done this type of evaluation several times. Here is what I need, and I realize these are just estimates for now, but they will at least give you an idea. You can e-mail me more specific info later if you get concrete numbers and want actual amounts.

Amount of mortgage
# of years on mortgage
Interest rate
Amount of downpayment without selling bike
Amount of bike sale proceeds to apply to downpayment

With the above information, I can run an amortization schedule and tell you what you're monthly payments would be, as well as tell you the total interest you would pay, etc. Feel free to give me information for different scenarios and I can run them all for you and e-mail the Excel spreadsheets to you.

 

[No Worries]

But what about all the books about buying a house with nothing down?

 

[GSXR1000DJ]

But what about all the books about buying a house with nothing down?

My bank is going to finance 100% so I don't need any money down as well. However...the more down the more I will save in the long run.

Captain:

Will say the home is $145,000.00 with a 30yr fixed rate of 5.50%. Without bike it would be $7000 and with bike $12-13,000. Let me know what you come up with. I have seen this already but don't have them on me nor handy. It isn't anything huge in the monthly payment but what it does to the interest I save is. :dthumb:


Also everyone...I see it like this as well. When I do go get another bike, it will be a 2005. :thumbs: Maybe the 1000 gixxer. Well...maybe 04 for the gixxer 1000. Still not to crazy about the looks of it just yet. :lol:

 

[bumblebee]

Somehow, I am not really sure why, it must be a genetic thing, But, you become responsible as you age. I didn't say grow up!! In spite of how hard you try to the contrary, you just seem to do things like buy a house, or have kids, or SELL YOUR MOTORCYCLE? Matt, quick, slap the the sh!t outta him and wake him up before we lose another one to the DARK SIDE!! What next...a Buick or Oldsmobile?? Geez... he's gonna start wearing striped shirts, plaid bermudas, black socks with his sandals, and...dare I say it...take up golf??

 

[GSXR1000DJ]

Bee...as much as I don't want you to get the wrong pic of me...I do golf. LOL And I am pretty good at it as well. :lol:

But I agree...I am being more responsible but not growing up. LOL

 

[Need4Speed]

No No No..stop this crazy talk..keep that bike !!!!!!!! its gonna take you forever to get a new one..who in the fark am i supposed to ride with now??????????

 

[GSXR1000DJ]

No No No..stop this crazy talk..keep that bike !!!!!!!! its gonna take you forever to get a new one..who in the fark am i supposed to ride with now??????????

Thats it. Thats all you have to say to me to try to get me not to sell it. What are you thinking. You are not doing a good enough job in getting me not to sell it. :lol:

 

[Need4Speed]

Well I'd think having a riding partner who can go pretty much whenever you can would be a big thing.... I just dont see how the numbers work out in THAT much of a difference to warrant selling such a great bike, when you'll end up going in debt later on for one anyways >?????????????

 

[CharlieMavCBR]

I think you are being very responsible DJ, for thinking about your family first instead of your own needs and toys. :hug:

 

[GSXR1000DJ]

See...CharlieMavCBR thinks I am thinking right. Seeing how a new bike payment is around $120 per month for me through my bank...I don't think it will make me that much into debt. I will get another bike ppl. It is not going to be the end of the world. :thumbs:

 

[Need4Speed]

the bike isnt even the main reason now, although thats part of it.. I just cant see the point of going back into debt, no matter how much, when you dont have too. but hey, thats just me.

 

[No Worries]

My bank is going to finance 100% so I don't need any money down as well. However...the more down the more I will save in the long run.

The Captain will know a lot more than me, but I thought you want to pay off the interest quickly. That is, put no money down. Instead you make a couple extra mortgage payments each year, and specify that it is to be paid against your interest. The money you were going to put down, you instead buy bank CD's, T-bills, or new bike. Suze Orman discussed this once on TV, but I was only half paying attention. But at the end she said you would save thousands.

 

[GSXR1000DJ]

No Worries you are correct. I am not in a mood to get the numbers that Captain is going to get to post to show how much I will save but I do know it is alot. With me putting no money down and then after the loan goes through, I can make extra payments and that will wipe out interest from having to be paid. With only making one extra payment a year, that makes a 30yr loan to a 23yr loan. When you first get a home loan, you are only paying about $120 or so for principle and the rest of a $800 monthly payment goes to interest. So making these extra payment or adding all that extra money will make it better on me in the long run. :dthumb:

 

[CharlieMavCBR]

the bike isnt even the main reason now, although thats part of it.. I just cant see the point of going back into debt, no matter how much, when you dont have too. but hey, thats just me.

So, you think that owning a bike is more important than owning a house? Because if you think that, then you need your head examined. A house is a better investment than a bike. But that's just me.

 

[bulldog]

Somehow, I am not really sure why, it must be a genetic thing, But, you become responsible as you age. I didn't say grow up!! In spite of how hard you try to the contrary, you just seem to do things like buy a house, or have kids, or SELL YOUR MOTORCYCLE? Matt, quick, slap the the sh!t outta him and wake him up before we lose another one to the DARK SIDE!! What next...a Buick or Oldsmobile?? Geez... he's gonna start wearing striped shirts, plaid bermudas, black socks with his sandals, and...dare I say it...take up golf??

hey golf sucks but my uncle has a duc 916 and can smoke about everybody when he goes to track days he golfs !!! :lol: