if a house costs like $60,000 and you borrow on 30 year plan does the house cost you about $119,000 by the time you pay the interest?

Asked by Rodeostar, Alvin, TX Fri Apr 29, 2011

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Gregorio Den…, , San Diego, CA
Fri Apr 29, 2011
If you borrowed $60,000 at 4.75% for 30 years you would pay $112,675.82 in total.
Web Reference:  http://WeFixRates.Com
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Shaukatali K…, Agent, Katy, TX
Fri Apr 29, 2011
YES, by the time you fully pay up the borrowed amount in 30 yrs. the total payments will be significantly be higher.This will entirely depend on the amount you have borrowed and the interest rate.
Your lender should provide you a detail work sheet on this.
This is the cost of borrowing money.
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Dallas Texas, Agent, Dallas, TN
Fri Apr 29, 2011
Not reviewing all the documents HOWEVER yes there is interest paid on any mortgage which overall would cost more than the sales price... UNLESS you reduce the balance pay off earlier than 30 years

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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