How Mortgage Interest Works

I'll teach you how mortgage interest works and how much it'll cost you in the long run.
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Mortgage interest works like an other loan as long as your on a fixed rate. I'll explain how mortgage interest works and how much it'll cost you if you go with a 30 year mortgage or a 15 year. Enjoy the video :)

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#honestfinance #homebuying

[NosurfOfficial]

I'm only 24 and curious about homebuying but feel like an idiot because I thought 5% on a $300, 000 loan would mean that you would only pay 15, 000 in total interest over the lifetime of the loan lol. Only video that cleared it up! Didn't realize mortgages were that expensive jfc

It honestly seems worse than renting, esp if you're young and not sure where you'll be located in 3-5 years

[HonestFinance]

If you liked the video, give it a thumbs up if you feel the need :)

[Phaoray]

Wonderful video, about to get a home and saw how little was going to the principal at the start and I was so confused! >.<

[ofspades]

I just found your channel. Thanks for the simple explanations.
You look just like Doug Polk BTW. Lol

[sarajackson]

so basically if i sell my house, say after three years, I would only get the money that i paid for principal back, nothing from the interest?

[Livingtheregularlife]

I still don’t! I wanted the math. I’m paying $500 principal and $700 interest. Let’s say I get the same interest rate, refinance 30 to 15 years . Is it worth it? Or I end up paying other fees an is more?

[jasonswitzer]

Thanks for the concise video with great content! Detailed explanation and titled properly.
Lastly, I appreciate you ending your video with a request to “subscribe” and/or “like” if it was right for the viewer.

[catherinebellaire]

What do we put as mortgage rate?
Do we really need mortgage insurance, or any type of insurance on the property? Can we just skip the insurance.

[mfarooq]

Hi Jason,
Is there any way I can get loan but without interest?
Thank you

[domwings]

I’ll live in a trailer before paying that kind of interest. Life fuckin blows

[ceresaroundtheworld]

Hey bud what are your thoughts on first internet bank for a home mortgage ?

[davidhawley]

Does this apply to car loans too? Or do you actually pay the percent of interest they tell you

[dessibabie]

What are some advantages for a 15yr mortgage

[esmeraldaortiz]

Hello from Texas ... what is fixed interest and is there some thing other than fixed interest?

[vanzrealm]

How exactly is the interest rate calculated/month? That's what I'm not understanding here

[sapumal]

Oh shit " Death Pledge"... This is f* crazy man..

[Ladymultiverse]

how are you coming up with these numbers?

[BadBadKitty]

You explained how mortgage payments work, but you did not explain how the interest is calculated

[ricecube]

this video is wrong, on surface it seems like the quicker you pay your principal down the lower your total interest paid will be which is true this does not take into account that the extra cash you will free up from a 30yr fixed you could invest that into the stock market which conservativly speaking will yield +7% or more so what that means is lets just say you paid the home off in 15 yrs and then start investing all your extra freed up money into market at 7% return youll yield around 750k by the end of yr 30. lets then say you invest from very beginning of the with all the freed up money from the 30yr fixed.... youll yield around 950k by the end of the 30yr at +7% ROI. so in the substract the difference in total interest you paid youll end up with an extra 100k (roughly) in your pocket doing the 30yr fixed 👍😎🤑 you are welcome dont listen to this video

[brandonboss]

Im spendint 367k on a 225k home with a hefty downpayment. How fun.