• Clent@lemmy.dbzer0.com
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    8 hours ago

    Also, the 500 is just the mortgage payment. It doesn’t include the insurance and property taxes and, at least in the USA, private-mortgage-insurance (pmi) if the down payment isn’t at least 20%.

    The monthly obligation can easily be more than that 1000. The savings is in locking the first half in at a set amount.