You don’t have to pay the mortgage in thirty years and eat the entirety of the interest. I paid mine off in three.
There’s no way I’m not saving money over renting at this point. I pay less than $1000 a month to live in a place that would cost $4000 a month to rent.
I bought in early 2020 and it’s now worth about 50% more than it was.
I kinda lucked out, because I bought right before everyone realized that we were screwed with COVID and were going to be stuck in their houses because the government had no idea what they were doing. I say “kinda lucked out” because I watched Trump deliver a speech as the stocks tanked in the corner, and realized he had no idea how to handle it. After watching it I turned to my spouse and said, “I know it sounds crazy, but I think we should buy a place right now.” I also had been looking for some time and realized that mortgage rates were near all time lows.
All time low rates + stuck in small places = everyone that can buy a bigger place will buy a bigger place.
Ah, very wise. You must see how people didn’t get matching 50% raises, matched with even higher interest rates… unfortunately the time of paying off your home early might be behind us, at least for a long while.
You don’t have to pay the mortgage in thirty years and eat the entirety of the interest. I paid mine off in three.
There’s no way I’m not saving money over renting at this point. I pay less than $1000 a month to live in a place that would cost $4000 a month to rent.
What year did you buy your home, and what cost? What is it worth today on Zillow or your site of choice?
I bought in early 2020 and it’s now worth about 50% more than it was.
I kinda lucked out, because I bought right before everyone realized that we were screwed with COVID and were going to be stuck in their houses because the government had no idea what they were doing. I say “kinda lucked out” because I watched Trump deliver a speech as the stocks tanked in the corner, and realized he had no idea how to handle it. After watching it I turned to my spouse and said, “I know it sounds crazy, but I think we should buy a place right now.” I also had been looking for some time and realized that mortgage rates were near all time lows.
All time low rates + stuck in small places = everyone that can buy a bigger place will buy a bigger place.
Ah, very wise. You must see how people didn’t get matching 50% raises, matched with even higher interest rates… unfortunately the time of paying off your home early might be behind us, at least for a long while.
Yeah with current mortgage rates and prices…it’s definitely rougher.
Applying a little extra to principle – if you ever have it – still helps a lot with the amount of interest you’re paying.