writes:

I have no idea what the interest rate or term is for that loan is nor
do I care.

Then your entire original argument is invalidated.

Even if the payment is off it doesn't change the point that if
one were to suddenly receive $1M, one can finance a house and live
for a long time on the original principal before it goes to zero..

Since you don't know or care about the details, this assertion is pretty much
worthless.

A lot of people think $1 million is a lot of money--often because they don't
know or care about the details. That's one reason why many lottery winners
are right back in the same boat a few years after winning their prizes: they
spend and spend without caring about the details, and before they know it,
that "unlimited" sum of money is gone.