Little blog post on monthly payments.
I remember looking through a mail order booklet when I was young. It had all sorts of nifty gadgets for the kitchen and house. All with very low prices between 3 and 7 bucks with a few really fancy machines for up to $25. I thought they were a great deal, till my mother pointed out that was per month. None of the ads said how many months you would be paying for! I am sure the info was in the fine print somewhere, but the mere thought of buying something when you don't know the price seemed like a huge risk to me.
I was really bothered by the total cost of our house, but didn't see any other way to own a house. Saving up 100K or more while paying rent didn't seem to make any more sense then paying 200K for a 100K house.
Maybe we made the wrong decision on that one, but at least we in general avoid the monthly payment trap with all other items.
Monthly payment myth