One big reason the U.S. housing market is broken: Owners don’t want to give up their cushy old loans.
      • AlDenteEnglish
        21·
        1 year ago

        Payment = rate*(loan amount)/(1-(1+rate)^(-number of payments))

        Rate =.03/12 = 0.0025

        Payment = 0.0025*100000/(1-1.0025^(-360)) Payment = $421.60

        Therefore, $151776 will be paid in total, or $51776 in interest.