The average home price in California is $900,000
If you took out a $900,000 mortgage at a 7.5% interest rate, after 36 months of payments, you’ll would still owe $873,128
You’ll have paid $226,546, and $199,674 of it went to interest
Interest rates are a big reason why most Americans can never hope to afford a home. This is a scam. The interest being charged in this country is outrageous
Make Homeownership Affordable Again
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Can't be more pleased with that.
Great step forward for both!
The math nobody says out loud:
$500,000 mortgage. 7.5% interest.
After 36 payments you still owe $485,071.
You paid a total of $125,859 & 88% went to interest.
….And people say renting is "throwing money away".