Nearly 40% of Americans live mortgage-free. This is a highly achievable goal, but first you need to understand the total cost of a mortgage. Consider a $400,000 home as an example. If you put 10% down and finance $360,000 for 30 years at 7.22%, you will pay over $881,000. And you would pay over $520,000 in interest. While most people only stay in a home five to seven years or refinance their loan when rates drop, this does show the gigantic cost you will pay in interest.

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