To pay off a $415,000 house, over 30 years, at 6.7% interest, you will end up paying over $950,000. To get that money, you need to earn about $1,465,000 (assuming you’re paying 35% income tax). This is not happenstance, it is by design by banks and government to keep you on a perpetual treadmill of debt.
To pay off a $415,000 house, over 30 years, at 6.7% interest, you will end up paying over $950,000. To get that money, you need to earn about $1,465,000 (assuming you’re paying 35% income tax). This is not happenstance, it is by design by banks and government to keep you on a perpetual treadmill of debt.