Comment by iamflimflam1
7 hours ago
Maybe the mortgage system is different in the US.
But if you have a 25 year term on a loan for a $500,000
Approx numbers:
5%: $2922 monthly, total paid: $876,885
10%: $4543 monthly, total paid: $1,353,000.
7 hours ago
Maybe the mortgage system is different in the US.
But if you have a 25 year term on a loan for a $500,000
Approx numbers:
5%: $2922 monthly, total paid: $876,885
10%: $4543 monthly, total paid: $1,353,000.
You didn't do the same math.
Given a $1500 monthly payment and a 30 year loan (30 year is most common in the US), at 5% loan is $279,400; at 10% the loan is for 170,900.
How is 10% less than 5% ?
Yes, so the 500k is not fixed - that should be obvious from these calculations.
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