MountainYoda on Nostr: $625k home 20% down-payment $500k mortgage With a 6% interest rate and a 30-year ...
$625k home
20% down-payment
$500k mortgage
With a 6% interest rate and a 30-year term, you are paying $579,190.95 in interest.
The $625,000 house cost you $1,204,190.95.
This is equal to a $3,345 monthly rental payment, plus you pay for maintenance and repairs.
Houses cost so much because people can borrow money that's created with the press of a button to buy them.
If everyone had to pay in cash for their home, prices would drop significantly.
Most people think mortgages are designed to help them.
But NO.
Mortgages are designed to earn profits for banks.
h/t Rajat Soni, CFA
@rajatsonifnance on X
Governments can take your house. #bitcoin in cold storage on the other hand has no counterparty risk.
Published at
2024-03-31 22:20:54Event JSON
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"content": "$625k home\n20% down-payment\n$500k mortgage\n\nWith a 6% interest rate and a 30-year term, you are paying $579,190.95 in interest.\n\nThe $625,000 house cost you $1,204,190.95.\n\nThis is equal to a $3,345 monthly rental payment, plus you pay for maintenance and repairs.\n\nHouses cost so much because people can borrow money that's created with the press of a button to buy them.\n\nIf everyone had to pay in cash for their home, prices would drop significantly.\n\nMost people think mortgages are designed to help them.\n\nBut NO.\n\nMortgages are designed to earn profits for banks.\n\nh/t Rajat Soni, CFA\n@rajatsonifnance on X nostr:note1wxgh0yquczj36yatksw6uy3k2wz4tpc9rjcpt76023v8kmwphz8q4khy3s",
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