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

submitted 1 year 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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[–] lemming741@lemmy.world 4 points 1 year ago

When I bought my house in 2015, they told me 7 years was their assumption when you buy points. I bought the points thinking 3.25% for 30 was as good as it gets. Six years later I refinanced at 2.75 for 20, basically knocking 4 years of the end with the same payment.

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