Birdwatch Note Rating
2024-12-04 01:01:25 UTC - HELPFUL
Rated by Participant: 6617E03E9FB9391A5D26D53C82742626790F81FF8D09F46114CA248FA51D177B
Participant Details
Original Note:
While it lowers payments it results in much higher long-term costs. A $500k mortgage at 4.14% with a 30-year amortization lowers monthly payments by approx $264 compared to a 25-year amortization, but it costs approx $65k more in interest over the life of the loan. https://www.nerdwallet.com/ca/mortgages/30-year-mortgage-canada
All Note Details