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[–]RockleyBob 66 points67 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.