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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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[–] Hackworth@sh.itjust.works 4 points 2 days ago (1 children)

Hey, it's another one of those things christians ignore about their bible.

And if you lend to those from whom you hope to receive back, what credit is that to you? For even sinners lend to sinners to receive as much back. But love your enemies, do good, and lend, hoping for nothing in return; and your reward will be great, and you will be sons of the Most High. - Luke 6:34-35

[–] sugar_in_your_tea@sh.itjust.works 2 points 2 days ago* (last edited 2 days ago)

That's taken out of context. The context is that Jesus is asking the disciples to follow him and distinguish themselves from others.

From verses 32-33:

32 “If you love those who love you, what credit is that to you? Even sinners love those who love them.

33 And if you do good to those who are good to you, what credit is that to you? Even sinners do that.

He doesn't seem to say it's bad to love those who love you or do good to those who do good to you, he's just saying it's not special. Likewise, I don't think he's saying it's bad to charge interest for a loan, it just doesn't set you apart from the rest.

If you want to be even better, love those that hate you, do good to those that harm you, and give without expecting anything in return. That will set you apart from the rest.

Usury (charging interest) was illegal for Jews, and if Jesus intended for it to be illegal for his followers, he would've made that clear. Instead, he's merely saying that interest is a normal thing, and if you want to be extraordinary, you won't charge it.