Did you know that buying a $625,000 home with a 20% down payment and a 30-year mortgage at 6% interest will cost you a whopping $1,204,190.95?
Breakdown:
- Purchase price: $625,000
- Mortgage: $500,000
- Interest paid over 30 years: $579,190.95
- Total cost: $1,204,190.95
That's equivalent to a $3,345 monthly rental payment, plus maintenance and repairs!
But why are houses so expensive?
It's because people can borrow money created with the press of a button to buy them. If everyone had to pay cash, prices would drop significantly.
The harsh reality:
Mortgages aren't designed to help you. They're designed to earn profits for banks.
Think twice before signing that mortgage agreement. You might be paying more than you think.
Share this eye-opening truth with others!
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