• Scientist

  • Beer Drinker

  • Advocate for distributed / user-supported communities and media

I wish that I was skinnier but I love beverages.

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  • 11 Comments
Joined 1 year ago
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Cake day: June 10th, 2023

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  • I’m sorry to be pedantic but this is a pet peeve of mine. If you bought a house you would not have any mortgage payment. You (and everyone else usually) are talking about financing a house.

    Maybe I’m the crazy one but when I buy something I like to look at the total amount that I’m paying for it.
    If I wanted a house listed for $300,000 5-years ago and I wanted to finance it, the rate might have been 3% so the total amount I would be paying would be $455,332.36 over 30yrs. Therefore I would only finance if I thought ~$450,000 was a fair price. If I thought the house was only worth $300,000 then I would need to pay in cash.

    Today rates are at 7% so a house listed at $300,000 actually costs $718,526.69 when financed. Do I think the houses I see listed for $300,000 are worth over $700,000? No. Do I have more than $300,000 needed to afford to pay in cash? Also no. Therefore, I’m not buying.
    *These calculations are ignoring the down payment but the principle is still valid.





  • Could you please elaborate on the claim that loans are essentially required for modern life in the US? You might be able to make the argument for a mortgage but even that is not absolutely required. Possibly student loans could be seen as required but those are largely government subsidized/administered and typically given out to younger people who haven’t yet gone through a bankruptcy.