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Spare a dollar?
(sh.itjust.works)
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this post was submitted on 28 Dec 2023
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Calm down, this isn't the banks screwing the little guy. This number includes tax and possibly insurance
"PITI" (principal, interest, taxes and insurance) is the standard quoted cost. It's just an estimate. You can often pick your own insurance which will change the cost, and if you're buying in cash, insurance may not even be required. (It will almost certainly be required if you have a loan, since the bank wants its assets protected.)
What assets? They put 100% down! Haha
No they didn’t. They put 99.99% down. There’s $1 left.
Oh shit I didn't see that before hahaha
The calculator probably doesn't think that much when it's basically supposed to be an ad for a bank
The home insurance covers the home, so it's useful for all interested parties (owner, possibly bank).
Even if the bank doesn't have any interest in the house (cash sale/no mortgage), I would absolutely want to insure the house!
Owning a house means you don't pay rent, but you do have to pay taxes and, unless you really want to gamble, insurance.
That's not a mortgage though.