ilmscore | Prediction Details
"Did you know that your mortgage payments are frontloaded? Meaning, if you go out and buy a home today with a mortgage, most of your mortgage payment is going to be going to interest in your bank's pocket today and tomorrow and the month after that and the month after that and the year after that and the year after that and the year after that. For the first about 14 years of your mortgage, the majority of your mortgage payment is going to be going to interest and not equity. It's about 14 and a half years into your mortgage, your 30-year mortgage. That now at least half of your mortgage payment is going to be going to your principal. So, for the first almost half of your 30-year mortgage, most of your monthly payment is going just to interest."
By Minority Mindset | March 3, 2024 | Pending
From video
MASTERCLASS: The SECRET To Never Be Broke Again 01:17:50 - 01:18:36
Interpreted Prediction
Mortgage payments are front-loaded, with the majority of payments in the first 14-15 years going towards interest rather than principal equity.

Prediction Details

Topic
Mortgage Payments

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