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Question

Why does it take 5 years to pay of a $30,000 car,but takes 30 years to pay off a $30,000 house?

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mamaofficer

Asked by mamaofficer at 8:13 PM on Jun. 26, 2011 in Money & Work

Level 31 (50,120 Credits)
Answers (4)
  • well usually the loan for a house is much more then 30 grand so in order for the payments to be reasonable it needs to be spread out much more
    nurse_maya

    Answer by nurse_maya at 8:14 PM on Jun. 26, 2011

  • Because you add in taxes and Insurance. I'll take a hoUse for only $30,000.00.
    SassySue123

    Answer by SassySue123 at 8:46 PM on Jun. 26, 2011

  • interest, and taxes.. ESPECIALLY if you live in NY state.
    xxhazeldovexx

    Answer by xxhazeldovexx at 9:23 PM on Jun. 26, 2011

  • Because someone wasn't thinking when they financed the house ~
    tasches

    Answer by tasches at 6:11 PM on Jun. 27, 2011

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