I'm just starting to look around for my first house and I've been doing a lot of research online about home loans. I don't have a lot of money for a down payment, but after some simple math I thought that wouldn't be a big deal. $300,000 dollars over 30 years with 5% interest comes out to about $920 a month (plus fees, taxes, etc) right? No? Oh.. closer to $2000. How the hell does that make any sense. I know I'm new to all this but adding 5% (even if it's compounding interest) to $300,000 does not equal $500,000-$700,000. I've been googling it all night and can't find any information, is it taboo to talk about this or something?
Submitted August 04, 2022 at 02:06AM by Icemarkdude https://ift.tt/fcbol2W
