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Real Estate - Interest charges?
Written by YouCanDoIt! on March 4th, 2009
Rico S asked:
As Im new to purchasing real estate, it just now dawned on me that the interest being charged for homes is so high. I know that buying a home has become the new wealth mechanism, but I never realized the cost. For instance, on a $400K home(30 years @ 5.5% interest), the interest cost amounts to $417K. Thats more than the cost of the home. Can you imagine paying for anything else in life where the interest paid is greater than the cost of the item? Does this seem unreasonable to anyone else?
Miguel
As Im new to purchasing real estate, it just now dawned on me that the interest being charged for homes is so high. I know that buying a home has become the new wealth mechanism, but I never realized the cost. For instance, on a $400K home(30 years @ 5.5% interest), the interest cost amounts to $417K. Thats more than the cost of the home. Can you imagine paying for anything else in life where the interest paid is greater than the cost of the item? Does this seem unreasonable to anyone else?
Miguel
7
AM
The money makes the rules.
9
PM
The home but on the amount of cash out of your pocket car interest pay cash you are not want to.
10
PM
For the cash and paid 5000 for the shoes you ware and want it its going to cost extra.
The person that fair if you ware and paid 5000 for the cash and want it its going to cost extra.