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Maybe the mortgage system is different in the US. But if you have a 25 year term on a loan for a $500,000 Approx numbers: 5%: $2922 monthly, total paid: $876
by iamflimflam1 18d ago
Maybe the mortgage system is different in the US.
But if you have a 25 year term on a loan for a $500,000
Approx numbers:
5%: $2922 monthly, total paid: $876,885
10%: $4543 monthly, total paid: $1,353,000.
- tossandthrow 17d agoYes, so the 500k is not fixed - that should be obvious from these calculations.
- iamflimflam1 17d ago[dead]
- bluGill 17d agoYou didn't do the same math. Given a $1500 monthly payment and a 30 year loan (30 year is most common in the US), at 5% loan is $279,400; at 10% the loan is for 170,900.
- maattdd 17d agoHow is 10% less than 5% ?