Please take a look at the first 5 payments of my mortage payment in terms of my loan pay off. I closed in April and got a 3.25% interest rate, which at the time was unheard of on a 30 year note, now 30 years have dipped into the high 2% range.
I have heard line "renting is throwing money away" so many times, from friends and family but the reality of it is that over the life of a mortage you end up paying at least 1.5x the price of your loan simply due to interest alone. I have a room mate moving in and I'm going to apply his $500 a month payment to the note which would bring my payment time down to 12.5 years and save me tens of thousands of dollars of interest. Some months i'll pay more, others I'll pay less, but I deliberately chose a 30 year over a 15 year for my own personal financial flexibility.
Moral of the story in these historically low interest rates times, buy a house when you are ready.
Submitted October 12, 2020 at 07:29PM by spartan5312 https://ift.tt/3iQP2te
