Chasing Homeownership with Dollars Will Be Your Financial Pitfall

The True Cost of Homeownership in The Current Economy

Let's break down a scenario that's becoming all too familiar: purchasing a $625,000 home. With a 20% down payment, you're looking at a $500,000 mortgage. At a 6% interest rate over 30 years, the interest alone balloons to $579,190.95. Add this to your original home cost, and you're spending over $1.2 million. That's like shelling out $3,345 monthly in r…