• givesomefucks@lemmy.world
    link
    fedilink
    English
    arrow-up
    2
    arrow-down
    2
    ·
    1 year ago

    But like, let’s say you paid 200k, paid off 50k, and now it’s worth 600k.

    You sell, pay 150k to the bank, and use 450k to pay on another 600k house.

    You’re new mortgage is for 150k.

    I just don’t get where this came from:

    At today’s rates I’d pay nearly 1.4 million over the life of the loan

    Because you’re talking about a whole 600k loan. Which makes zero sense given what you’re saying

    • curiousaur@reddthat.com
      link
      fedilink
      English
      arrow-up
      3
      arrow-down
      1
      ·
      1 year ago

      Over the 30 years of the loan if I got a new 30 year mortgage today, for 600k I would pay back about 1.4 million over 30 years.