This might be duh for some people, but if you’re like me and considering a mortgage; at today’s rates in the US at around 5-6%, over 30yr mortgage you will pay about same in interest as you will for your house price.
Your $500k house will cost you around $1M total over thirty years.
I was surprised.
Yeah, that’s how interest on debt works. It works the same way on your savings account, where the bank is essentially borrowing money from you at x% interest.
It’s actually worse in the case of mortgages because they’re front-loaded with interest, which will eat into your profits if you sell the house early.