Nick Perry shows how mortgage payments have more than doubled since 2021. A $500,000 loan cost $1,800 a month at 3% interest in 2021 but now runs $3,800 at 7% interest. The house price hasn't changed, but the monthly bill has.
Never ever buy a house right now because the monthly payment on the same house more than doubled since 2021. Because the same $500,000 mortgage that cost $1,800 a month in 2021 costs $3,800 today. So that's $2,000 more leaving your account every month for the next 30 years. But the price didn't move, the rate did. Because back in 2021, you could lock in around 3% and now you're staring at 7%. Which is why most people never catch it because they only look at the price tag, not the payment. So before you fall for a house, run the monthly number first because the price is what you see and the payment is what owns you. Send this to anyone you know who's house hunting right now.
