High interest rates in the 80s
Only about 43% of your total payments would now go to interest. Interest is important when it comes to calculating the total cost of that $322,700 house after 30 years. At 18.45%, the total interest payment would amount to over $900,000 more than a loan at today's rate. That's enough cash to buy an additional house. With interest rates skyrocketing, many people are priced out of new cars and homes. Interest Rate Casualties This is the gruesome story of the great inflation of the 1970s, which began in late