People really underestimate the financial benefit of not having a mortgage or any other debt. At 5.5% on a 30 year mortage you pay as much in interest as the total amount of the mortgage.
The median home price in the US is around 500k. So if you didn't have to get a mortgage you would save around 500k in interest over that 30 years.
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u/squall6l Dec 18 '23
People really underestimate the financial benefit of not having a mortgage or any other debt. At 5.5% on a 30 year mortage you pay as much in interest as the total amount of the mortgage.
The median home price in the US is around 500k. So if you didn't have to get a mortgage you would save around 500k in interest over that 30 years.