a mortgage is a Loan for a House that you Buy with the Loan
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then yes
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something something petit bourgeoisie
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every time i hear about our mortgage its always like
āweāre on track to pay this off way faster than we thought!!!ā
and then theyāre like
āweāre gonna pay it off in 10 years!!!ā
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i donāt know if this is normal but it seems crazy
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mortgages are usually paid off over 30 years
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the housing market
got it
iāve lived in this house for nearly 10 so
so yeah paying off assumingly a 30 year in 20 is sick
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yea
i was gonna say something about how itās crazy that it takes thirty fucking years to pay off a mortgage, thatās like the length of a career
but then i remembered that we live under capitalism
Oh it wouldnāt if you paid primarily on the principal. The vast majority of your payments are towards the interest by design to maximize wealth extraction.
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oh
lmao.
yes thatās the entire point of them loaning the money tbf
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Technically, thatās kinda just because thatās how the math works out, but to many peopleās surprise, the bank math tends to benefit the bank.
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well yea but i mean if you loan your friend 50 dollars and tell them that you expect 70 back later, then even though thatās like a 28% interest rate, your friend is still mostly paying back the 50$
idk whatās going on with the mortgages here but āvast majority [of payments]ā seems a bit absurd
thatās also definitely an exaggeration iād have to see the actual numbers but
wait no! [flashbacks to that one mortgage payment calculator we used in personal finance that one time]
Yeah there is such an insane amount of astroturfing on those places. Really obviously fake stuff. Itās not just ā[X] person was mean and unreasonableā, itās ā[X] person was mean and unreasonable in a way that they are stereotyped to beā like āAITA for being mad at a gay person hitting on a minorā or āAITA for not letting my 11 year old get sexual reassignment surgery tomorrow???ā
Like yes, those hypothetical people arenāt real, but it reinforces the (fake) idea that, for example, anyone is doing SRS on under 18 yr olds
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im just gonna use $500,000 home because thatās a nice number and very close to their starting price
idk what the fuck a normal down payment is but it starts at 85 thousand so letās just go with that
bank of americaās interest rate is pretty close to 6.125 which is the default
and thatās all the numbers we need