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[–] 3 points 11 months ago

The cost difference is insane.

For a $500k loan at 6% you're looking at $580k in interest over 30 years or about $1.1M total.

For the same house over 50 years at even 1% higher APR, you're looking at $1.3M in interest alone or $1.8M total.

You'd pay more in interest alone than you would for the entire principle + interest of a conventional 30 year mortgage and the difference in monthly payment between the two (not that this should really ever be part of the equation) is only $10, so where the fuck is the "savings?"

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