Now, how much is paying interest of 45% within the total amount of mortgage?
It is RM2,293.47 x 30 x 12 x 45% = RM371,542.14.
Total repayment sum is RM825,649.20, meaning you have paid for a house RM500,000 with RM825,649.20.
Is it worth it?
Why not you use the total RM4,674.58 (don’t buy the house) for a fund investment than paying for the house? This is what many would say…
RM4,674.58 x 1,260 = RM5,889,970!
Put all the money into the fund! After 30 years, take out RM5.89 mio and buy a house? Meanwhile, just sleep in public park or train station?
Then again, RM500k would not be able to buy that house in another 30 years. Probably a small apartment somewhere out of town would do? What is your choice of living?