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PSA, you will actually pay $1M for your $500k house at today's rates (lemmy.world)

submitted 3 days ago by randoot@lemmy.world to c/personalfinance@lemmy.ml

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This might be duh for some people, but if you're like me and considering a mortgage; at today's rates in the US at around 5-6%, over 30yr mortgage you will pay about same in interest as you will for your house price.

Your $500k house will cost you around $1M total over thirty years.

I was surprised.

https://m.mortgagecalculator.org/?q=A1Nzy-8KX

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[–] sexybenfranklin@ttrpg.network 2 points 3 days ago

Yeah, when you're closing on a house, your attorney (if the state you're in requires one, or you opt to hire one) will walk you through the payment schedule and how much you'll pay over the life of the mortgage. On one hand it sucks that you're essentially paying double, on the other hand, real nice not having to have the full 500k upfront.