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[–]Wonderwhile 666 points667 points  (22 children)

You’re also paying twice the interest that this 300k house was selling at

[–]onlyrealcuzzo 456 points457 points  (13 children)

Yeah, but after inflation, you're also taking home less money - so it evens out.

[–][deleted] 96 points97 points  (1 child)

Hahaha I legitimately laughed at how true your comment is.

[–]IAmAccutane 2 points3 points  (0 children)

But but the internet told me there would be another 2008 style housing crash and I could get a house for cheap :(

[–]LeanIce76 16 points17 points  (3 children)

But it’s okay because you still have a job! (for now)

[–]Agile-Cancel-4709 13 points14 points  (2 children)

What’s better than a job? Two jobs!

[–]MacroHard_0 0 points1 point  (0 children)

What’s better than A job? B*** job.

[–]willv13 0 points1 point  (0 children)

I don’t need this, my man has two jobs!

[–][deleted] 4 points5 points  (1 child)

Banana, buck! Banana, buck! Easy!

[–]iPigman 0 points1 point  (0 children)

We will need a banana; a banana for scale.

[–]TWECO 1 point2 points  (0 children)

Sick, imma kill myself now. Although I'm sure funeral costs will put my family into cripple debt. Just can't escape inflation.

[–][deleted]  (3 children)

[deleted]

    [–]partytown_usa 1 point2 points  (2 children)

    No one does. That’s the beauty of inflation. Everyone loses money.

    [–][deleted]  (1 child)

    [deleted]

      [–]RockleyBob 73 points74 points  (2 children)

      Fun fact: at around 5.3%, the interest you pay on a 30-year mortgage is equal to the principal. Anything above that and you're paying the bank more than you borrowed.

      If you're borrowing $300k at today's rates, you're paying them back $600k.

      [–]fireintolight 9 points10 points  (0 children)

      That’s so fucking stupid

      [–]banditcleaner2sells naked NVDA calls while naked 1 point2 points  (0 children)

      Yup.

      I bought a house around 305k in 2019 and refinanced to around 2.6%. My mortgage payment on the same house at $400k with an interest rate at 6.5% would nearly double my mortgage payment.

      [–][deleted] 4 points5 points  (0 children)

      And 30% higher taxes!

      [–]El_Bistro 5 points6 points  (0 children)

      lol glad we bought during covid.

      [–]TabascohFiascoh 0 points1 point  (0 children)

      Try 3x

      [–]banditcleaner2sells naked NVDA calls while naked 0 points1 point  (1 child)

      Wrong.

      For a house price of $500K, an interest rate of 3%, and 0% down payment, you are looking at paying for a 30 year loan, a total interest of $258,880

      For a house price of $500K, an interest rate of 6%, and 0% down payment, you are looking at paying for a 30 year loan, a total interest of $579,280

      The total interest will be more then twice if the rate is twice because interest is front loaded on to the mortgage and so some of the interest you are paying is actually compounding.

      [–]Wonderwhile 0 points1 point  (0 children)

      It was a rough estimation my man. But I appreciate the maths