"The most powerful force in the universe is compound interest."
~ Albert Eistein*
For a house whose list price is $155,000 a down payment of 10% brings the value of the mortgage loan to $139,500. At an interest rate of just over 6%, the amount paid to the bank for the mortgage loan, over 30 years, will be about $330,000. Thus, by virtue of having $139,500 at its disposal, the bank will receive an additional $190,500.
Wow.
~emrys
* Source unconfirmed
1 comment:
Yeah, but it is so worth it. So, so, so worth it.
And this is one of those things that if you turn it over to The Manager, chances are it will get resolved easily. Just keep imaging that first big get together in your new house.
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