• UmeU@lemmy.world
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    7 months ago

    Except for the fact that over the first 10 years of the loan, nearly 90% of that payment goes to interest. Amortization and front loaded interest is a bastard. With property tax and insurance, a $500k house will cost about $1.5MM over the life of the loan.

    Not trying to dissuade anyone from home ownership, it’s just not as cut and dry as it may seem.