Conor Dougherty
👤 SpeakerAppearances Over Time
Podcast Appearances
that people could see in their budget.
People just annihilate this idea.
I mean, they say this could make things worse, not better.
People from all across the political spectrum converge and say, this is just an incredibly bad idea.
Okay, so the problem is it looks like it saves you money.
Let's return to our example.
You have the $500,000 house with the current 6.2% mortgage rate.
You go from $2,500 to $2,200.
You've saved yourself $300.
Now, in the first example, 30 years, you're going to end up paying about $500,000 in interest.
You pay basically the house in interest.
By a $500,000 house, you pay about $500,000 interest.
Okay, now let's go to the second example.
You take that house and you buy it over 50 years.
Well, now you're going to end up spending about $900,000 in interest.