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The median home price in the United States is around $400K. If you finance that at 20% down for a 30 year term, you'll pay around $528K in interest at 8.03%, b
by Turing_Machine 3y ago
The median home price in the United States is around $400K.
If you finance that at 20% down for a 30 year term, you'll pay around $528K in interest at 8.03%, but only around $470K at 7.3%.
Also, the monthly payment will be a couple of hundred bucks less.
A percent or less adds up to big bucks when you're talking about hundreds of thousands of dollars financed over a 30 year term.
- userinanother 3y agoThe average motgage duration was something like 7 years so the net present value of that is in the 10-20k range but still big bucks.