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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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[–] Korhaka@sopuli.xyz 1 points 2 days ago (1 children)

Oh good point about the medical benefits if you are in the US, I live in the UK so that isn't something you need to think about.

[–] sugar_in_your_tea@sh.itjust.works 1 points 2 days ago

Yeah, if you have healthcare covered one way or another, then you just need enough to pay the bills if you have enough savings to grow into a retirement nest egg.