Homebuying activity is falling off a cliff
finance.yahoo.com
Pending home sales for August plunged 7.1% from the month before, according to the National Association of Realtors.
  • givesomefucks@lemmy.worldEnglish
    23·
    9 months 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.comEnglish
      31·
      9 months 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.