| d21lewis said: I'm sorry but that's EXACTLY how it works. When you buy a $100,000 and you pay $800 a month for 30 years (all realistic figures),just do the math. Same goes for that car you bought for "no money down" or that "Free" cell phone you got because you subscribed to the $30 unlimited data plan in addition to your normal service. |
Yeah... that's when you get a loan for the house from the bank. The downpayment is your contribution, and then you pay off the loan. And neither the bank nor the real estate agent lists the house as costing only $100,000. They list it as costing, say, $250,000, and that $100,000 is the downpayment, with it made quite clear that the remainder, with interest, is to be paid off in monthly installments.
Because that's how it works - you tell them how much it costs, either by listing the real price and then letting them know they'll pay in installments, resulting in paying interest.
In fact, you just said it - they say it's a "Free" cell phone, yet they are quite upfront about it only being available on a $30 plan. And same with the car - they don't go "come in today, get a free car", they go "come in today, get a car for no money down - just $xxx a month".
