why, why, why, after thousands of years even in the western countires most of the people are born just to work to get money for some shity food and pay off mortgage until they are old and ill? are homes made of gold or bricks? this seems to be a cheap technology, should not take u 30 years to earn this, no ?
2007-09-14 07:37:00 · 5 answers · asked by dupcioszek2 d 1 in Business & Finance ➔ Personal Finance
I am not certain your 99% figure is correct.
Many people pay off their mortgage in less than 30 years, aiming to have it paid off by the time they retire.
It takes 30 years because more than half of the total payments go to pay interest. A 30 year $250,000 mortgage at 6.6% costs $570,790.40 over 30 years ($15986.64/month). You could pay off the mortgage in 20 years by increasing your monthly payment by $282.04 to $1878.68/month. Your total payments would be reduced by $123,907 ($450,883 instead of $570,790).
2007-09-14 09:19:10 · answer #1 · answered by skipper 7 · 0⤊ 0⤋
1) They don't .. many people Rent (not buy) and after 30 years end up with nothing
2) Because they insist on going for the most expensive place they can find in the most expensive area in the country ...
3) There are not enough new houses being built to meet the demand ...
4) The Government with it's Planning Laws (& 'protecting' the Green Belt and all that) plus the NIMBY attitude of Joe Public means to buy the Land and get planning permission is VERY EXPENSIVE in places where people want to live ...
FACT - Houses have never been worth more, but the number of houses being built is actually going down !!
i.e we do it to ourselves ...
2007-09-17 00:49:22 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋
because the amount of money you pay for rent, you might as well get a mortgage and after 25yrs its yours to sell for a big fat retirement fund.
2007-09-14 07:45:38 · answer #3 · answered by itsnot4girls 2 · 0⤊ 0⤋
Yeah, everything should be cheap & free like it was for you when you mooched off of Momma. Or are you still mooching?
Bwahahaha!!!
Lay off the crack & get a life.
2007-09-14 07:55:36 · answer #4 · answered by john p 3 · 0⤊ 0⤋
DAMN good point!! it's all about keeping you working untill your too knack***d to!!
2007-09-14 07:46:17 · answer #5 · answered by Anonymous · 1⤊ 0⤋