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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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[–] vk6flab@lemmy.radio 2 points 3 days ago (1 children)

Now ask yourself, who is getting that money you paid in interest?

[–] davel@lemmy.ml 10 points 3 days ago (1 children)

Whichever bank is holding your debt as their asset. Which isn’t necessarily the bank that originally underwrote the mortgage, because they may sell it to some other bank.

[–] lemming741@lemmy.world 2 points 3 days ago

I got notice that Freddie Mac had bought mine from quicken before my first payment