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Youd have borrowed $400K but spent almost $1 million to pay the loan off.
Victoria Araj, team leader forRocket Mortgage, shared similar information reinforcing Tus point.
Sam Khater, chief economist at Freddie Mac, made the case for this approach, according toNPR.
Using a mortgage calculator is also prudent, as Araj advised in a separate report fromRocket Mortgage.
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