The amount of interest you pay on a mortgage is criminal
@davedelong why is that? It is not a simple interest loan, or a chattle mortgage.
@jeffmc Over the lifetime of this mortgage, I'm paying 2/3 of the entire principal in interest.
That seems hugely excessive.
@davedelong It does seem that way. Banks lend you money for 15 or 30 years to buy a house. Since it is a long time to pay it back and to service it (there is a cost, albeit not a lot), they charge you outrageous interest. Caplitalism is only fair for the wealthy.
But for now you are also allowed to deduct that interest from your net income on taxes. (You cannot do that on simple interest loans). TBH, the best way to avoid it is to have no mortgage.
@davedelong That interest can triple the cost of a home over 30 years. I’ve had too many mortgages and I think I’m done with home ownership at this point.
@KevinHoctor @davedelong Yep. I wouldn’t be able to either, but I bought 14 years ago. It looks like my townhouse has roughly tripled in value during that time as well, so while overall I got pantsed on the stock I sold 14 years ago for a down payment (up >> 10x), at least the thing it bought went up 3x :-/
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