Question:
❓If you take out a standard 30-year mortgage, about how much will you typically pay in interest over the life of the loan?
A) Around 20–30% of the purchase price
B) Around 40–50% of the purchase price
C) Around 80–100% of the purchase price
D) More than double the purchase price
Answer:
✅ C) Around 80–100% of the purchase price
Here’s why:
On a 30-year loan, the interest adds up fast. For example, if you bought a $300,000 home with a 6.5% rate, you’d pay about $370,000 just in interest over the life of the loan.
That means your $300,000 house really cost you closer to $670,000!
Even at lower rates, most homeowners will still pay 80–100% of the purchase price again in interest.
That’s why it’s important to run the numbers and understand the true cost before calling it “good debt.”
