I agree we need to be very conscientious before using any debt instruments. Unfortunately it is too easy to get buried in loans.
While I agree with the calculations, I think looking at interest paid is a little misleading. If inflation (including wages) continues it should cost you less in real purchasing power overtime. In your example a 200k, 30yr mortgage @5%, the final payment of $1074 is only worth ~$248.5 in today's dollars. A mortgage can be viewed as a tool that can free capital to create an inflation hedge.
Yes, this is an important point to add into the equation. Inflation erodes the value of the debt and the monthly payments.
This is what Western Governments are trying to do - inflate away the value of (country) debt by printing money!
Exactly pay off that dollar I get today with $.90 tomorrow. Now if the western governments could find a way to spend less it might actually work!
Sure, I could see that. Thanks for bringing another viewpoint into it.