TC: $270k (household TC: $650k) I am looking to purchase a house at about $2M. I have a liquid assets of $1M for down payment. $300k is in US stock/fund so I need to pay some tax. $700k sits in the foreign savings accounts with low interest rates. Any advice? Thanks in advance!
You need to put down a minimum of 20% as a down payment so that you won't pay PMI. So that is $400k minimum. You need emergency fund for 2 to 3 years. So if you monthly spending is $10,000 including mortgage, then you need $240,000 emergency fund. $640,000 is already allocated. You only have about $300,000 left. Buy a cheaper home between 1.2 - 1.4 millions. You also save a lot with taxes.
Wtf ! Why would you need a quarter mil in emergency man? Doesn't make any sense. No one with a tech background is gonna be out of a job in SV for more than a couple of months. And there's always home insurance that you can use for other issues anyway 🤷🏻♂️
2 to 3 years rofl
I'd just put down 20% and invest the rest. You'll be stretched a bit on that TC but not too bad after a few years. Only question is what if you have kids and one of you wants to stay home for a few years? Money will be very tight.
20%, don't waste a dollar more. Leveraged money is the best!
While interest rates are low
Bingo
As others have said. Minimum to avoid additional fees. Which is 20%.
Some places like Sofi will do 15 or 10% with PMI. With the amount of liquidity, you can probably buy a SFH + rental property in Dublin/Walnut Creek.
Bringing 700K from India to US is next to impossible unless willing to pay 40% tax
Paying tax to whom?
Or own a thumb drive
The more down payment you put down the more you should have emergency fund. If you put down 20%, the bank want to liquidate the moment you are late on your mortgage.
Not more than 20% unless you pay more than 5%
700k down. Keep your stocks.