𝕾𝖕𝖎𝖈𝖞 𝕿𝖚𝖓𝖆
I use Debian btw
- 48 Posts
- 47 Comments
That’s the lesson I learned with my credit cards. I took out a loan to pay them off and as soon as they were paid off, I closed them. The sugar is too sweet, and the goblin is ravenous. It’s too easy to use the credit card to acquire junk. Next thing you know, over 25% of your income is going toward credit cards, and you’ve got nothing to show for it.
I finally said fuck that shit. They need me more than I need them. It’s a shame the realization took so long.
The only way to win the game is to not play.
And you’re goddamned right.
7·10 days agoThat’s because if you don’t get carbonated horse piss, it’s actually just your blinker fluid!
81·10 days ago
Has the guy with the gun always had the Ohio flag on his sleeve?
Welp, I just learned something new and useful by logging into Lemmy at 1:30 AM.
9·28 days agoStill too bloated. My hard limit is 950 bytes.
Or, as I’ve recently taken to calling it, GNUSS plus Linussy
>be me, Gentoo user >hear about this new pussy package >will spend the next several hours compiling the pussy source code >later virgins
Piano-man, piano-man. Does whatever a piano can. Falls on crooks from real high. Squishes them. Kills those guys.
Look out. He is the piano-man
Mmmmm idk, I’ll take my old beater Civic over any new Kia, Hyundai, Nissan, or Stellantis product.
Hell, just the fact that you can’t buy a low trim Civic or Corolla with a stick shift anymore is kinda tragic.
The 90s are where cars peaked, and I will die on that hill.
Best part of driving a total bucket. You’re really scraping the bottom of the barrel carjacking me.
Damn. I hate to hear that. Guess I’ll scratch them off my list.
As I’ve heard it:
- Bosch makes the best dishwashers
- Speed Queen makes the best laundry machines
- Asko
and Mielemake the best stoves and fridges
And yes, they are all very expensive. But I want to get me a Speed Queen so bad.
“Mom, I don’t know that the peppermint oil on my feet and lemon juice in my eyes did anything to cure my measles, tetanus, or COVID infections.”
“Nonsense, Bobby. You just need to give it time to work.”
“Peggy, that boy ain’t right.”
I’ve got just the poster. Nobody will ever suspect there’s a hole back there.
Tldr there is literally no reason for this product to ever exist. It mathematically makes no sense. Banks won’t offer it. Investors won’t back it. You’ll have no incentive to take it.
The 50 year mortgage isn’t just a bad product. It’s a predatory product.
Interest is the cost of borrowing, plus a little extra tacked on for the capital the banks and investors tied up in the loan. Generally speaking, the longer you borrow, the higher your rate. It’s usually better to borrow for as little time as you feasibly can because it’s the double whammy of paying off that front loaded interest faster and clearing the payment from your own books sooner.
The thing with borrowing over time is that there’s a diminishing return with more time. Assuming the interest is equal on a 30 year vs a 50 year mortgage, your payments go down maybe 15%. So assuming that $3,000 payment at 5% for 30 years vs 50 years, your 50 year payment is $2,538. Which sounds nice until you multiply payment amount by number of payments and find that the total cost of borrowing goes up >$442,000.
But you absolutely will not get the same rate on a 50 year vs a 30 year. It’s too risky for investors to back it, no matter how you slice it. They’ll want more interest on top of it if they do. So your rate might climb to 6.25% over the 5% you might have got on the 30 year loan. That changes the payment from $3,000 to $3,046.
Yep. The payment can be higher. Again, law of diminishing returns and higher rates because more risky.
So a recap. You’re financing $558,845 after down payment, earnest money, closing costs, etc. With a 30 year term, you’re looking at 5%. The payment is $3,000 a month so you ultimately pay $1,080,000 for the house. At 50 years, you’re borrowing at 6¼ and paying $3,046 a month, so now the house costs you $1,827,600. Not only is your payment higher, but the house is ¾ of a million bucks more expensive! How generous!
This doesn’t even factor in the extra 20 years of PMI you’ll have to pay because if you have to borrow for 50, we all know you’re not putting 20% down.
If you can borrow for 15 years, that’s going to be the best way to secure yourself long term. But 30 year mortgages are overwhelmingly common because prices are too high. Even so, they’re not a bad product.
But absolutely do not fall for this 50 year bullshit. The average first time buyer is in their forties now. Only a handful of us will live long enough to pay that off. You’re probably better off renting for the rest of your life than taking a 50 year mortgage.
Me, but with any fluid intake. That first morning drink of whatever, and my body is like, “We got liquid? Send 'er on outta here!”
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