ilmscore | Prediction Details
"so let's assume that you get a $400,000 loan you lock it in for 30 years at a 7% mortgage rate Year One $27,800 is going to interest and only $4,000 is going to principal and it kind of stays like that until you're 21 in the mortgage your 21 in this mortgage is when you finally are paying more money towards your principal balance than you are your interest for the first 20 years of your 30-year mortgage more than half of your mortgage payment is going directly into your Banker's pocket with interest"
By Minority Mindset | January 10, 2025 | Pending
From video
Why Homeowners Lose Money: 5 Mistakes You Can Avoid 00:05:51 - 00:06:22
Interpreted Prediction
For the first 20 years of a 30-year mortgage at a 7% rate, over half of the monthly payment goes towards interest, not principal.

Prediction Details

Topic
Mortgage Interest vs. Principal

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