Rules •1. No Doxxing •2. No TikTok reposts •3. No Harassing •4. Post Gore at your own discretion, Depends if its funny or just gore to be an edgelord.
Wage slavery
If anyone's wondering, the average price of a home sold in the US in August was $413,500. A 50 year loan on that principle at 17% interest would have an ending balance of $3,928,250.
A 30-year mortgage would still be $2.5M. Don't take a 17% interest loan.
A more useful statistic on that is figuring out how much it costs for this loan. $413,500 over the course of a year at 17% interest is a touch over $70,000.
That means that you have to pay the bank $70,000 the first year before you can actually start paying down any of your balance due.
Assuming that your loan balance is 413,500 after any down payments were made, and you don't have any PMI, and you have a 1% annual property tax, you'll be paying a touch over $7,000 a month.
Of that $7,000, about $613 of it will go towards the principal balance.
And if you find yourself in this situation, or if your kids do, or whatever, the best thing that you could do is, while the note is young, pay as much extra on your mortgage balance as you can possibly afford. Every 613 extra dollars you pay at the start will save you $6,400.
I like how people all expect to live well past 80.
Half die way before 80.
But that's the actual plan.
why the peak at 56 I wonder
Don't worry my g, I only financed my car with those terms.
hah, jokes on them, I'll die 20 years into paying it off!
The even bigger joke is on you because mortgage is literally a word that means "an engagement until death"