aefenglommung (aefenglommung) wrote,
aefenglommung
aefenglommung

Is this a good deal?

A commercial for a certain kind of home mortgage was playing on the TV. I hadn't paid any attention before, but it caught my eye just now. The company is offering a $200,000 loan with monthly payments of $999. Maybe that sounds like a good deal, but at the end of thirty years (the term of the loan), one would have paid a total of $359,640, for a total interest of nearly eighty percent (80%). Sheez.

I had always heard that by the time one had paid off a mortgage, one had paid for the house three times: once in principal, once in interest, and once in taxes and insurance. How right that is.
Subscribe

  • Star-spangled Bombast

    I commented on a friend’s Facebook post who was hoping that the National Anthem would be sung in a traditional manner at the Super Bowl. I commented…

  • Why do we need a Department of Education?

    Trump says he wants to abolish the Department of Education. He isn't the first president to want that. For that matter, doing away with the…

  • In the Peaceable Kingdom

    I went out to Wilderstead today to do various chores. First up was the need to burn a brush pile. I tried burning it last week, and I couldn't get a…

  • Post a new comment

    Error

    default userpic

    Your reply will be screened

    Your IP address will be recorded 

    When you submit the form an invisible reCAPTCHA check will be performed.
    You must follow the Privacy Policy and Google Terms of use.
  • 0 comments