When it comes to buying anything on credit, we all know the original price tag isn’t really what you wind up paying — whether it’s cars, holiday gifts, power tools or houses.
Homes are the biggest on-credit purchases many of us will probably make, and with six-figure home prices come five-figure amounts of interest — or more, according to a recent HowMuch.net analysis.
HowMuch.net’s analysis uses Zillow’s median home price in each state as of June 30. It assumes a 20% down payment and a 30-year mortgage with a fixed interest rate of 3.81%.
The cost information website finds that when you sign a 30-year mortgage for a median-priced home in your state, you are committing to pay from $130,000 to $826,000 in total, depending on the state. That includes the loan amount and total interest over the life of the loan.
Take a look at that total cost of a mortgage for a median-priced home in each state, starting with the most expensive state for financing a home.