So I've been thinking, getting a loan for a house pretty much makes you wind up paying more money than just buying the house up front.
So, I'm studying to be a mechanical engineer, and the other day I looked up the average salary of mechanical engineer's which turns out to be $80k. I also looked up the average cost of a house in my state which comes out to $275k. So I'm thinking, why don't I save up money for around 4 years and buy the house in full? This seems to be much better than having to pay mortgage for 30, which winds up costing me more in the end.
Is this a feasible idea? I'm still in 11th grade so I don't know very much about the home buying process, so I'm curious if this would be a good idea.
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It sounds easy right? Nope, it never is. You don't have to pay it over 30 years, you and the bank decide how long when you're discussing the mortgage.