Why “affordable monthly payments” is the most dangerous phrase in borrowing

Most people judge a loan by one metric:

“Can I afford the monthly payment?”

That question is incomplete — and often expensive.

Two loans can have the same monthly payment and wildly different outcomes depending on:

• Total interest paid over the term

• Fees hidden in the structure

• Flexibility if income changes

• What happens if you settle early

Monthly affordability is a cash-flow check, not a decision framework.

The real question should always be:

What is the total cost of this decision over time, and what risks am I accepting?

If you only optimise for the monthly figure, you are letting the lender — not you — design the deal.

Good borrowing is boring, disciplined, and numbers-driven.

Bad borrowing feels comfortable at the start.