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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 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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[–] 1 point 1 year ago

I found a pretty (interesting calculator)[https://wowa.ca/calculators/rent-vs-buy-calculator] that takes a lot of factors into account for buying vs renting. It's for Canada, but you could modify a bunch of the parameters to get an idea for your area.

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