It is absolutely wild that over the course of my 30 year mortgage, I will pay ~$585,000 for my $250,000 house. That doesn't even include the private mortgage insurance since we only put 3.5% down.
I wouldn't be able to save up $250,000 cash otherwise. The price would be much higher than 250k by the time I could save 250k.
But someone making ~$335,000 off me buying my $250,000 house is bananas. It's expensive to be poor. It's even worse for poor renters.
@travissouthard what’s wild is a 30 year mortgage isn’t even a very good investment for banks. They don’t like locking money up for so long, which is why most mortgages are backed by the government.
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