You get 50-year mortgages after voting for deporting foreigners, shoring up domestic manufacturing, ending foreign wars and controlling spending

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[acptulsa]

At least you won't have "reverse mortgage" banks saying, hey, we loan you money on your paid off house, you use it to improve that house and make it worth more for us, then we take it when you die so your kids can't have it.

 

[oyarde]

all of that is correct and reason health care is too expensive is also because of govt

 

[acptulsa]

The New Brandon.

 

[ClaytonB]

Huh, that is a bizarre clip. I need to see more context to understand what was actually happening there.

 

[acptulsa]

Huh, that is a bizarre clip. I need to see more context to understand what was actually happening there.

It just occurred to me that I'm probably the reason Indian bots spam us. I keep looking for a website covering this kind of story that I don't find repulsive, and settling on this one.

Watch: Donald Trump booed at Commanders NFL game; netizens call moment ‘brutal’ and ‘humiliating’ - The Times of India

US News: Former President Donald Trump faced boos from sections of the crowd at a Washington Commanders game, his first NFL appearance as a former president. D

timesofindia.indiatimes.com

 

[RJB]

F--- that! You are better off renting.

 

[Anti Federalist]

F--- that! You are better off renting.

I would have to reckon it was FDR that also passed, buried in that legislation on the 30 year mortgage, the means by which banks can "front load" most of their interest payments on the first ten years or so of a home loan, instead of being evenly dispersed on every payment over the life of the loan.

 

[ClaytonB]

I would have to reckon it was FDR that also passed, buried in that legislation on the 30 year mortgage, the means by which banks can "front load" most of their interest payments on the first ten years or so of a home loan, instead of being evenly dispersed on every payment over the life of the loan.

It's just how the math of such long-term loans works out. For a fixed rate of compound-interest over a loan, the most interest will be paid up-front. The longer you extend the lifetime of the loan, the bigger proportion the total interest that will be paid, and it is always front-loaded, meaning, the principal goes down the slowest at first, and faster later-on. For example, for a $400,000 home loan @ 6.1% over 30 years with 20% down, you're going to pay $394,258.58 in interest (try this mortgage calculator). So, on most typical 30-year home loans, you're going to pay about twice the price of the house, all-told and about 50% of that will be in interest payments. As you extend the term of the loan beyond 30 years, the proportion of interest goes beyond 50% to more than half the total cost of the purchase. Which is utterly ridiculous and even the sheeple, for all their renowned stupidity, can see through that laughable charade. You want me to pay MORE than the value of the house, just in interest??

FDR is guilty of many things, but this particular detail is not specifically his fault. He just facilitated the scam, he didn't implement this specific detail of it...

 

[acptulsa]

For example, for a $400,000 home loan @ 6.1% over 30 years with 20% down, you're going to pay $394,258.58 in interest (try this mortgage calculator). So, on most typical 30-year home loans, you're going to pay about twice the price of the house, all-told and about 50% of that will be in interest payments.

If you pay 20% down and the price of the house in interest, you already pay 125% of the money borrowed in interest, and people go for that.

It's amazing what people will do if you say that's the way it's done.

 

[Anti Federalist]

It's just how the math of such long-term loans works out. For a fixed rate of compound-interest over a loan, the most interest will be paid up-front. The longer you extend the lifetime of the loan, the bigger proportion the total interest that will be paid, and it is always front-loaded, meaning, the principal goes down the slowest at first, and faster later-on. For example, for a $400,000 home loan @ 6.1% over 30 years with 20% down, you're going to pay $394,258.58 in interest (try this mortgage calculator). So, on most typical 30-year home loans, you're going to pay about twice the price of the house, all-told and about 50% of that will be in interest payments. As you extend the term of the loan beyond 30 years, the proportion of interest goes beyond 50% to more than half the total cost of the purchase. Which is utterly ridiculous and even the sheeple, for all their renowned stupidity, can see through that laughable charade. You want me to pay MORE than the value of the house, just in interest??

FDR is guilty of many things, but this particular detail is not specifically his fault. He just facilitated the scam, he didn't implement this specific detail of it...

Other loans are not front loaded in that manner.

Car loans for instance.

In your example, the $394,258.58 should be paid in equal amounts of combined principal and interest from day one.

 

[Anti Federalist]

Speaking of car loans...

 

[ClaytonB]

In your example, the $394,258.58 should be paid in equal amounts of combined principal and interest from day one.

It's just not how compound interest works. Simple interest loans can be calculated this way. With simple interest, you decide the total interest at the outset of the loan, then you execute the loan at that rate, and the interest/principal can be paid down in any manner agreed. So, let's say I give you a loan for $10,000 for 4 years, with 25% simple interest. The total cost of interest will be $2,500. Divided by 4, that's $625 interest per year. I can have you pay that annually, monthly, or even all up front (I get the $2,500 in interest up-front, then you start paying down the principal after that).

Side-note: Simple interest is more like how loans are calculated in Islamic banking which, in my view, is infinitely superior to Western banking for the simple reason that Islamic banking is honest, while Western banking is a criminal scam....

 

[ClaytonB]

Speaking of car loans...

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Absolutely disgusting.

 

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