A 7% fixed rate mortgage over thirty years ends up costing 2.4 times the original loan. This does not include insurance, homeowners association fees, and initial mortgage fees. Fun.
On the upside, at least rates are not in the high teens like when my parents bought a house in the 1980s. There are also adjustable rate mortgages and refinancing options when rates (hopefully) go down.
For now, it seems like a good time to wait things out if you can.
"original" - Google News
August 31, 2023 at 06:07PM
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When the Cost of a Mortgage is a Multiple of the Original Loan - FlowingData
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