The reason is that what contractors might charge to remove the current flooring, especially in cases of tile and hardwood, can vary wildly. Installation costs can vary just as much, so we would recommend contacting 2-3 contractors and asking how much they charge per square foot for removal and installation of flooring.
Multiply the amount of your loan times the total number of points as a percentage. Using figures from the above steps, the three points bought with a $400,000 mortgage would cost $12,000: $400,000 x 0.03 = $12,000.
For those of you who live in expensive coastal cities, then consider $1 million dollars as the cap on how much you should borrow and calculate your mortgage payment to income ratio, loan-to-value ratio, and home value to cash left over after downpayment ratio.he ideal mortgage amount of $1 million is based on the premise that the ideal income for maximum happiness is $200,000 per person. Back in 2002, a $1 million mortgage cost around $50,000 to $65,000 a year in interest expense given mortgage rates were 5%-6.5% for a 5/1 ARM or a 30-year fixed.