elpapo on Nostr: $625k home 20% down-payment $500k mortgage With a 6% interest rate and a 30-year ...
$625k home
20% down-payment
$500k mortgage
With a 6% interest rate and a 30-year term, you are paying $579,190.95 in interest.
The $625,000 house cost you $1,204,190.95.
This is equal to a $3,345 monthly rental payment, plus you pay for maintenance and repairs.
Houses cost so much because people can borrow money that's created with the press of a button to buy them.
If everyone had to pay in cash for their home, prices would drop significantly.
Most people think mortgages are designed to help them.
But NO.
20% down-payment
$500k mortgage
With a 6% interest rate and a 30-year term, you are paying $579,190.95 in interest.
The $625,000 house cost you $1,204,190.95.
This is equal to a $3,345 monthly rental payment, plus you pay for maintenance and repairs.
Houses cost so much because people can borrow money that's created with the press of a button to buy them.
If everyone had to pay in cash for their home, prices would drop significantly.
Most people think mortgages are designed to help them.
But NO.