[Reapin]

Originally Posted by Alawen [You must be logged in to view images. Log in or Register.]

Here's the scenario:

$200,000 home purchase with $40,000 down payment, 30-year fixed mortgage at 4.5% interest rate = $1,020 monthly payment, $367K total payments, $132K total interest.

$207,000 home purchase with $40,000 down payment, 30-year fixed mortgage at 5.5% interest rate = $1,160 monthly payment, $419K total payments, $174K total interest.

Purchase price and interest rate kind of matter.

Only morons and people living beyond their means pay interest.