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Experts, please help out a newbie
I have a few questions. It might be silly and relatively easy to answer. Bare with me as I am super new to this.
I found a 4plex in Las Vegas for $225,000. Im thinking of paying 50% down which equals $112,500. With a 30 year fix at 6% interest rate equals $830/month = $9,960/year = $298,800/30 years. With my initial $112,500 down payment and the total mortgage at $298,800 = $411,300. This sounds like an awful investment as I am paying almost double. Does this math makes sense or am I off? I know this can be a really dumb question but as I have mentioned, I am really new. Please experts, enlighten me. Any feedback will help tremendously.
Thank you!