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Mortage vs Apartment living cost

 
Anonymous Coward
User ID: 34588948
United States
02/17/2013 04:28 AM
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Mortage vs Apartment living cost
mortgage: 600$ monthly payment +

4,300 tax yearly/12months=358$

600+358= 958$

not too bad.....i guess


apartment living, i can get a very nice 2 bedroom w/ all utilities included for 750$

200$monthly difference lets say for the next 360 months=72000$ You'll be saving living in an apartment over the house.


Thats also not including all the extra fee's included with home ownership........insurance, upkeep, landscaping etc...etc..........FOR THE NEXT 30 years


What do you night owls think?
SPUDModerator
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02/17/2013 04:40 AM

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Re: Mortage vs Apartment living cost
Apartment, that way you can get the hell out of there if you need to.
"Of all the things I've lost, I miss my mind the most"
___________
"May your chains rest lightly upon you..."
Anonymous Coward
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United States
02/17/2013 04:46 AM
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Re: Mortage vs Apartment living cost
I would never buy a house again...
Anonymous Coward
User ID: 31546051
Canada
02/17/2013 04:49 AM
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Re: Mortage vs Apartment living cost
You have NOT included utilities in the home ownership half?
Why?
These bills need very much to be included in your home ownership total.
This increases the total over all, I also see you have not included monies that may be needed for maintenance as well.
Anonymous Coward (OP)
User ID: 34588948
United States
02/17/2013 04:59 AM
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Re: Mortage vs Apartment living cost
I would never buy a house again...
 Quoting: Anonymous Coward 1211208


I agree, im kicking myself in the ass...
Anonymous Coward (OP)
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United States
02/17/2013 05:00 AM
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Re: Mortage vs Apartment living cost
You have NOT included utilities in the home ownership half?
Why?
These bills need very much to be included in your home ownership total.
This increases the total over all, I also see you have not included monies that may be needed for maintenance as well.
 Quoting: Anonymous Coward 31546051


This was quickly thrown together obviously and yes i mentioned those expenses in the last part of the post.
Anonymous Coward
User ID: 34572263
United States
02/17/2013 05:02 AM
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Re: Mortage vs Apartment living cost
Twenty years from now the $600.00 house payment will be the same ...apartment rent will continue to rise. I bought my house 10 years ago and my mortgage is $400.00 a month....but if I were to rent it today, it would be more than double that. Plan ahead.....
Anonymous Coward (OP)
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United States
02/17/2013 05:06 AM
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Re: Mortage vs Apartment living cost
yea i hear you on that with the fixed mortgages and inflation, it makes sense, good point.

But i'd like to ad, that im 27 and have been a homeowner now for 2years and i feel like its sucking the life out of me. I realized i dont give a shit about being a homeowner........I dont care about landscaping/working on the house etc.... I'd rather come and go on a whim and not have to worry about anything.
Anonymous Coward (OP)
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United States
02/17/2013 05:10 AM
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Re: Mortage vs Apartment living cost
Dont you guys go nodding off on me LOL
Anonymous Coward
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United States
02/17/2013 05:11 AM
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Re: Mortage vs Apartment living cost
Twenty years from now the $600.00 house payment will be the same ...apartment rent will continue to rise. I bought my house 10 years ago and my mortgage is $400.00 a month....but if I were to rent it today, it would be more than double that. Plan ahead.....
 Quoting: Anonymous Coward 34572263


What about property taxes?
CleverMoniker
User ID: 33226516
Canada
02/17/2013 05:21 AM
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Re: Mortage vs Apartment living cost
Buying is better imo. As stated, if you lock in a good low mortgage rate, your monthly payment stays the same for a decade.

I just bought at a 3.6% rate for 10 years, monthly payments including tax are $700 for a 3 bedroom rancher with a basement ready to be finished. Once the basement is finished, I can rent it out if money ever gets tight.


But the bottom line is this - when you rent, you're giving your money to someone else. When you buy, you're giving your money to yourself, in the form of equity. Once my mortgage is payed off, I'll be sitting on $150,000 worth of equity, and my living expenses will be significantly lower at a time when they need to be.


Renting = pissing away your money
Mortage = investing your money
Anonymous Coward
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United States
02/17/2013 05:23 AM
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Re: Mortage vs Apartment living cost
Yes...I do have property taxes which average out to $60.00 a month. As an apartment dweller I could hear everything through the walls (tv's, music, arguments, thrown furniture, etc) and I couldn't have pets. Now I have two large dogs, can decorate the way I want and have a good size yard.
Anonymous Coward
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United States
02/17/2013 05:27 AM
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Re: Mortage vs Apartment living cost
I gave up and had my last house burned down by the fire dept for practice.

Don't forget all the new regulations and inspections Obama wants to implement. You might find youself the proud owner of a "Danger Radon Keep Out" zome.

My plumbing had lead and it was going to be $20,000 to replace it. That was the least of the problems.
Anonymous Coward (OP)
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United States
02/17/2013 05:28 AM
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Re: Mortage vs Apartment living cost
Buying is better imo. As stated, if you lock in a good low mortgage rate, your monthly payment stays the same for a decade.

I just bought at a 3.6% rate for 10 years, monthly payments including tax are $700 for a 3 bedroom rancher with a basement ready to be finished. Once the basement is finished, I can rent it out if money ever gets tight.


But the bottom line is this - when you rent, you're giving your money to someone else. When you buy, you're giving your money to yourself, in the form of equity. Once my mortgage is payed off, I'll be sitting on $150,000 worth of equity, and my living expenses will be significantly lower at a time when they need to be.


Renting = pissing away your money
Mortage = investing your money
 Quoting: CleverMoniker 33226516


Reply back in a few years when you've seen both sides of the coin.
Anonymous Coward (OP)
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United States
02/17/2013 05:29 AM
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Re: Mortage vs Apartment living cost
Yes...I do have property taxes which average out to $60.00 a month. As an apartment dweller I could hear everything through the walls (tv's, music, arguments, thrown furniture, etc) and I couldn't have pets. Now I have two large dogs, can decorate the way I want and have a good size yard.
 Quoting: Anonymous Coward 34572263


You pay 720$ in property taxes......right, you live in a swap?
Anonymous Coward
User ID: 31546051
Canada
02/17/2013 05:31 AM
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Re: Mortage vs Apartment living cost
Buying is better imo. As stated, if you lock in a good low mortgage rate, your monthly payment stays the same for a decade.

I just bought at a 3.6% rate for 10 years, monthly payments including tax are $700 for a 3 bedroom rancher with a basement ready to be finished. Once the basement is finished, I can rent it out if money ever gets tight.


But the bottom line is this - when you rent, you're giving your money to someone else. When you buy, you're giving your money to yourself, in the form of equity. Once my mortgage is payed off, I'll be sitting on $150,000 worth of equity, and my living expenses will be significantly lower at a time when they need to be.


Renting = pissing away your money
Mortage = investing your money
 Quoting: CleverMoniker 33226516


You HOPE you will have equity.
...and I have always wondered how someone is able to purchase a house without being able to spell the word PAID, not payed or any other choice spelling.
Go figure?

...and there is very much an argument to be made against your case, I will leave it to you to find it and figure it out.

I am also very weary of YOUR STORY as to being able to purchase a 3 bedroom BUNGALOW, we don't EVER use the word RANCHER in Canada and to have so-called equity of only $150k after 10 years? ..do the math.
so you put down roughly 50 to 70K?
700/month with 12months to a year = approx $8400 in payments per year.... WE ALL KNOW INTEREST IS WHAT YOU ARE PAYING FOR THE FIRST 5 YEARS EASY ...
You will have no equity of $150 LMAO
Take your story elsewhere BRO
Anonymous Coward
User ID: 19774577
Romania
02/17/2013 05:33 AM
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Re: Mortage vs Apartment living cost
mortgage: 600$ monthly payment +

4,300 tax yearly/12months=358$

600+358= 958$

not too bad.....i guess


apartment living, i can get a very nice 2 bedroom w/ all utilities included for 750$

200$monthly difference lets say for the next 360 months=72000$ You'll be saving living in an apartment over the house.


Thats also not including all the extra fee's included with home ownership........insurance, upkeep, landscaping etc...etc..........FOR THE NEXT 30 years


What do you night owls think?
 Quoting: Anonymous Coward 34588948


build your own eco friendly house

Anonymous Coward
User ID: 4764286
United States
02/17/2013 05:37 AM
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Re: Mortage vs Apartment living cost
Buying is better imo. As stated, if you lock in a good low mortgage rate, your monthly payment stays the same for a decade.

I just bought at a 3.6% rate for 10 years, monthly payments including tax are $700 for a 3 bedroom rancher with a basement ready to be finished. Once the basement is finished, I can rent it out if money ever gets tight.


But the bottom line is this - when you rent, you're giving your money to someone else. When you buy, you're giving your money to yourself, in the form of equity. Once my mortgage is payed off, I'll be sitting on $150,000 worth of equity, and my living expenses will be significantly lower at a time when they need to be.


Renting = pissing away your money
Mortage = investing your money
 Quoting: CleverMoniker 33226516



Correct its just mindset ! My mortgage is 600 bucks for a 1400 squ ft rancher on a acre lot! It doesnt matter now where you live! U.S. is go busto! There will be no where to run or hide!
Anonymous Coward
User ID: 34593683
United States
02/17/2013 05:45 AM
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Re: Mortage vs Apartment living cost
Got a cheap house about 20 years ago, on a 15 year mortgage..

Mortgage had a lower monthly payment than the average rent for a single bedroom apartment in my area.

Mortgage has been long paid off now, living basically for free except taxes, which in my state are heavily tilted towards high value homes. So my home payment now that the mortgage is payed off is less than $50 per month.

You can pay rent to the landlord and never get any return.

Or do your research, get a good house on the cheap, and be living pretty before too long.
Anonymous Coward
User ID: 31546051
Canada
02/17/2013 05:52 AM
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Re: Mortage vs Apartment living cost
Got a cheap house about 20 years ago, on a 15 year mortgage..

Mortgage had a lower monthly payment than the average rent for a single bedroom apartment in my area.

Mortgage has been long paid off now, living basically for free except taxes, which in my state are heavily tilted towards high value homes. So my home payment now that the mortgage is payed off is less than $50 per month.

You can pay rent to the landlord and never get any return.

Or do your research, get a good house on the cheap, and be living pretty before too long.
 Quoting: Anonymous Coward 34593683


So basically you are saying your yearly taxes are approx $500 to $600?
There are no such tax rates where I live.
You either live in the bush in an unincorporated area(city) or a very, VERY run down part of town.
There are no such tax rates in Canada unless one of these 2 scenarios apply.
Its too bad many on here don't post the whole truth and nothing but the truth?
CleverMoniker
User ID: 33226516
Canada
02/17/2013 05:57 AM
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Re: Mortage vs Apartment living cost
Buying is better imo. As stated, if you lock in a good low mortgage rate, your monthly payment stays the same for a decade.

I just bought at a 3.6% rate for 10 years, monthly payments including tax are $700 for a 3 bedroom rancher with a basement ready to be finished. Once the basement is finished, I can rent it out if money ever gets tight.


But the bottom line is this - when you rent, you're giving your money to someone else. When you buy, you're giving your money to yourself, in the form of equity. Once my mortgage is payed off, I'll be sitting on $150,000 worth of equity, and my living expenses will be significantly lower at a time when they need to be.


Renting = pissing away your money
Mortage = investing your money
 Quoting: CleverMoniker 33226516


You HOPE you will have equity.
...and I have always wondered how someone is able to purchase a house without being able to spell the word PAID, not payed or any other choice spelling.
Go figure?

...and there is very much an argument to be made against your case, I will leave it to you to find it and figure it out.

I am also very weary of YOUR STORY as to being able to purchase a 3 bedroom BUNGALOW, we don't EVER use the word RANCHER in Canada and to have so-called equity of only $150k after 10 years? ..do the math.
so you put down roughly 50 to 70K?
700/month with 12months to a year = approx $8400 in payments per year.... WE ALL KNOW INTEREST IS WHAT YOU ARE PAYING FOR THE FIRST 5 YEARS EASY ...
You will have no equity of $150 LMAO
Take your story elsewhere BRO
 Quoting: Anonymous Coward 31546051



I'm in Atlantic Canada. In my province 'bungalow' has become a naughty word in real estate in the past few years. All the MLS listings now phrase them as 'ranchers' and not 'bungalows'.

Obviously I'm being vague on the finances, sorry I didn't think the GLP community was really that interested in my life...

But yes, I'm paying down 20% upfront, and the cost isn't *exactly* 150k. Amortization over 25 years to keep the monthly payments as low as possible. I currently co-own another property that has 40k left on it's mortgage, once it sells I can use my half of the money to also make balloon payments up to 16k a year. If my current financial situation keeps, I can have it completely payed off in less than 15 years. If it doesn't keep, no worries because in 10 years I can refinance and get my monthly payments even lower if I need to.

All this is moot, my main point still stands.

Every month that you pay rent, you're pissing money away and making someone else richer.
Every month that you pay mortgage, you're investing in your own equity.
Anonymous Coward
User ID: 34593683
United States
02/17/2013 06:00 AM
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Re: Mortage vs Apartment living cost
Got a cheap house about 20 years ago, on a 15 year mortgage..

Mortgage had a lower monthly payment than the average rent for a single bedroom apartment in my area.

Mortgage has been long paid off now, living basically for free except taxes, which in my state are heavily tilted towards high value homes. So my home payment now that the mortgage is payed off is less than $50 per month.

You can pay rent to the landlord and never get any return.

Or do your research, get a good house on the cheap, and be living pretty before too long.
 Quoting: Anonymous Coward 34593683


So basically you are saying your yearly taxes are approx $500 to $600?
There are no such tax rates where I live.
You either live in the bush in an unincorporated area(city) or a very, VERY run down part of town.
There are no such tax rates in Canada unless one of these 2 scenarios apply.
Its too bad many on here don't post the whole truth and nothing but the truth?
 Quoting: Anonymous Coward 31546051

I live in Minneapolis, house value about $100,000.

Property tax very progressive.

That's all I pay.

Mortgage done with.

No creepy landlord. That last apartment I lived in, that weirdo seemed to be stealing from me. Things disappeared in that place like nowhere else.

Also in Minnesota, they can't seize your house do to unpaid property taxes. Taxes would be paid by the future owner.
Anonymous Coward
User ID: 31546051
Canada
02/17/2013 06:18 AM
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Re: Mortage vs Apartment living cost
Got a cheap house about 20 years ago, on a 15 year mortgage..

Mortgage had a lower monthly payment than the average rent for a single bedroom apartment in my area.

Mortgage has been long paid off now, living basically for free except taxes, which in my state are heavily tilted towards high value homes. So my home payment now that the mortgage is payed off is less than $50 per month.

You can pay rent to the landlord and never get any return.

Or do your research, get a good house on the cheap, and be living pretty before too long.
 Quoting: Anonymous Coward 34593683


So basically you are saying your yearly taxes are approx $500 to $600?
There are no such tax rates where I live.
You either live in the bush in an unincorporated area(city) or a very, VERY run down part of town.
There are no such tax rates in Canada unless one of these 2 scenarios apply.
Its too bad many on here don't post the whole truth and nothing but the truth?
 Quoting: Anonymous Coward 31546051

I live in Minneapolis, house value about $100,000.

Property tax very progressive.

That's all I pay.

Mortgage done with.

No creepy landlord. That last apartment I lived in, that weirdo seemed to be stealing from me. Things disappeared in that place like nowhere else.

Also in Minnesota, they can't seize your house do to unpaid property taxes. Taxes would be paid by the future owner.
 Quoting: Anonymous Coward 34593683


I see.
Read the very first sentence in the article and then understand why I may not believe anything else you say.

"The number of houses and lots seized by Hennepin County because owners failed to pay property taxes has reached a 20-year high.

The majority of the tax-forfeited property is in Minneapolis, where it's concentrated in the foreclosure-ravaged North Side neighborhoods of Jordan and Hawthorne.





[link to www.startribune.com]
Anonymous Coward (OP)
User ID: 34588948
United States
02/17/2013 06:22 AM
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Re: Mortage vs Apartment living cost
fucking liar glp's trying to stroke their ego
Anonymous Coward
User ID: 31546051
Canada
02/17/2013 06:27 AM
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Re: Mortage vs Apartment living cost
Buying is better imo. As stated, if you lock in a good low mortgage rate, your monthly payment stays the same for a decade.

I just bought at a 3.6% rate for 10 years, monthly payments including tax are $700 for a 3 bedroom rancher with a basement ready to be finished. Once the basement is finished, I can rent it out if money ever gets tight.


But the bottom line is this - when you rent, you're giving your money to someone else. When you buy, you're giving your money to yourself, in the form of equity. Once my mortgage is payed off, I'll be sitting on $150,000 worth of equity, and my living expenses will be significantly lower at a time when they need to be.


Renting = pissing away your money
Mortage = investing your money
 Quoting: CleverMoniker 33226516


You HOPE you will have equity.
...and I have always wondered how someone is able to purchase a house without being able to spell the word PAID, not payed or any other choice spelling.
Go figure?

...and there is very much an argument to be made against your case, I will leave it to you to find it and figure it out.

I am also very weary of YOUR STORY as to being able to purchase a 3 bedroom BUNGALOW, we don't EVER use the word RANCHER in Canada and to have so-called equity of only $150k after 10 years? ..do the math.
so you put down roughly 50 to 70K?
700/month with 12months to a year = approx $8400 in payments per year.... WE ALL KNOW INTEREST IS WHAT YOU ARE PAYING FOR THE FIRST 5 YEARS EASY ...
You will have no equity of $150 LMAO
Take your story elsewhere BRO
 Quoting: Anonymous Coward 31546051



I'm in Atlantic Canada. In my province 'bungalow' has become a naughty word in real estate in the past few years. All the MLS listings now phrase them as 'ranchers' and not 'bungalows'.

Obviously I'm being vague on the finances, sorry I didn't think the GLP community was really that interested in my life...

But yes, I'm paying down 20% upfront, and the cost isn't *exactly* 150k. Amortization over 25 years to keep the monthly payments as low as possible. I currently co-own another property that has 40k left on it's mortgage, once it sells I can use my half of the money to also make balloon payments up to 16k a year. If my current financial situation keeps, I can have it completely payed off in less than 15 years. If it doesn't keep, no worries because in 10 years I can refinance and get my monthly payments even lower if I need to.

All this is moot, my main point still stands.

Every month that you pay rent, you're pissing money away and making someone else richer.
Every month that you pay mortgage, you're investing in your own equity.
 Quoting: CleverMoniker 33226516


Its PAID bye, not payed Lord Tunderin Jesus!
LMAO ... good luck to you man, I wish the best.
No one will change your view until you change it yourself.
I know things down East are not easy and if it is working for you as of now, great.
But be warned of the consequences and what you hold as truth in the future.
I honestly wish the best for you my son!
...but funny thing, you don't seem to understand is YOU ARE PAYING RENT RIGHT NOW, to the bank, you don't own anything yet...
Have you looked at the first page of your Mortgage agreement?
Tell me what it refers to you as ...

TENANT ...
Go ahead and go look if you can find it, I have one sitting right here in front of me.
Anonymous Coward
User ID: 31546051
Canada
02/17/2013 06:30 AM
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Re: Mortage vs Apartment living cost
fucking liar glp's trying to stroke their ego
 Quoting: Anonymous Coward 34588948


well Brother, its always a good idea to check things out for yourself eh?
I enjoy good debate and discussion, especially when I can learn something new.
I have already been down this road, and at this time and place, for many, renting is a great option.

There are other things to do with the money kept VS. the money lost monthly in INTEREST.
Anonymous Coward
User ID: 1767285
Australia
02/17/2013 06:31 AM
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Re: Mortage vs Apartment living cost
Good golly! Those mortgage repayments per month are weekly rent payments here in Australia! Are you in a city or out in the sticks? Far out, renting in the outer suburbs of a city in Oz will set you back at least $300 per week plus utilities. A basic 2 bedroom unit (apartment) will cost you upwards of $300,000 at a 'cheap' 6.5%p.a even though the cash rate is at its lowest the banks refuse to pass on the interest rate cuts and still charge between 6 and 7 percent per annum!

A cheap house in Sydney (2 bedroom with HEAPS of work needed) will cost you at least $750,000 - and this isn't in the city this is out in the burbs!
Vision Thing

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United States
02/17/2013 06:37 AM

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Re: Mortage vs Apartment living cost
yea i hear you on that with the fixed mortgages and inflation, it makes sense, good point.

But i'd like to ad, that im 27 and have been a homeowner now for 2years and i feel like its sucking the life out of me. I realized i dont give a shit about being a homeowner........I dont care about landscaping/working on the house etc.... I'd rather come and go on a whim and not have to worry about anything.
 Quoting: Anonymous Coward 34588948


I remember this couple I knew bought a house that was broken up into apartments, to be landlords. She told me the worst thing about it was that she always used to love thunderstorms so much, they were her favorite thing. After they bought the property she would lie awake at night and listen to the storm and all she could think about was whether the roof would be damaged or not, it ruined her favorite thing.

I've always rented and never regretted it. I have no interest in buying a refrigerator or a washer and dryer, ever. If something breaks here a guy just comes and takes the old one and brings a new one and I never see the bill.
Same with a plumber or anything else, never seen a bill for any of that.

My favorite moments as a rental tenant were sitting in my warm cozy apartment in my robe and slippers with my coffee at 7 a.m. on dark winter mornings, watching my landlord with the snow blower clearing the sidewalks when it was twenty below, it was a big corner lot with a lot of icy steps up to the house, he'd be out there taking care of everything and I felt like I had "staff", it is very delightful to be a renter on mornings like that, and every other morning if you ask me.
Anonymous Coward
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United States
02/17/2013 06:45 AM
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Re: Mortage vs Apartment living cost
mortgage: 600$ monthly payment +

4,300 tax yearly/12months=358$

600+358= 958$

not too bad.....i guess


apartment living, i can get a very nice 2 bedroom w/ all utilities included for 750$

200$monthly difference lets say for the next 360 months=72000$ You'll be saving living in an apartment over the house.


Thats also not including all the extra fee's included with home ownership........insurance, upkeep, landscaping etc...etc..........FOR THE NEXT 30 years


What do you night owls think?
 Quoting: Anonymous Coward 34588948


Great, if you can bank some of the difference. Owning the home allows you to sell at market. The hope is the home appreciates over 30 years. So you will need to save a little every year for your 30 year fund. It is a good argument to rent and not buy for many folks...
Anonymous Coward
User ID: 1342725
United States
02/17/2013 06:51 AM
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Re: Mortage vs Apartment living cost
as for utilities for an owned house, well+r-osmosis machine and solar panels, leaves you with internet and a power bill around 50$ for both.

Plus land to build a workshop and a few plots of gardens.

Back to rent life,
(renter) Can I _____?
(2 weeks later) No.
CleverMoniker
User ID: 33226516
Canada
02/17/2013 06:53 AM
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Re: Mortage vs Apartment living cost
Buying is better imo. As stated, if you lock in a good low mortgage rate, your monthly payment stays the same for a decade.

I just bought at a 3.6% rate for 10 years, monthly payments including tax are $700 for a 3 bedroom rancher with a basement ready to be finished. Once the basement is finished, I can rent it out if money ever gets tight.


But the bottom line is this - when you rent, you're giving your money to someone else. When you buy, you're giving your money to yourself, in the form of equity. Once my mortgage is payed off, I'll be sitting on $150,000 worth of equity, and my living expenses will be significantly lower at a time when they need to be.


Renting = pissing away your money
Mortage = investing your money
 Quoting: CleverMoniker 33226516


You HOPE you will have equity.
...and I have always wondered how someone is able to purchase a house without being able to spell the word PAID, not payed or any other choice spelling.
Go figure?

...and there is very much an argument to be made against your case, I will leave it to you to find it and figure it out.

I am also very weary of YOUR STORY as to being able to purchase a 3 bedroom BUNGALOW, we don't EVER use the word RANCHER in Canada and to have so-called equity of only $150k after 10 years? ..do the math.
so you put down roughly 50 to 70K?
700/month with 12months to a year = approx $8400 in payments per year.... WE ALL KNOW INTEREST IS WHAT YOU ARE PAYING FOR THE FIRST 5 YEARS EASY ...
You will have no equity of $150 LMAO
Take your story elsewhere BRO
 Quoting: Anonymous Coward 31546051



I'm in Atlantic Canada. In my province 'bungalow' has become a naughty word in real estate in the past few years. All the MLS listings now phrase them as 'ranchers' and not 'bungalows'.

Obviously I'm being vague on the finances, sorry I didn't think the GLP community was really that interested in my life...

But yes, I'm paying down 20% upfront, and the cost isn't *exactly* 150k. Amortization over 25 years to keep the monthly payments as low as possible. I currently co-own another property that has 40k left on it's mortgage, once it sells I can use my half of the money to also make balloon payments up to 16k a year. If my current financial situation keeps, I can have it completely payed off in less than 15 years. If it doesn't keep, no worries because in 10 years I can refinance and get my monthly payments even lower if I need to.

All this is moot, my main point still stands.

Every month that you pay rent, you're pissing money away and making someone else richer.
Every month that you pay mortgage, you're investing in your own equity.
 Quoting: CleverMoniker 33226516


Its PAID bye, not payed Lord Tunderin Jesus!
LMAO ... good luck to you man, I wish the best.
No one will change your view until you change it yourself.
I know things down East are not easy and if it is working for you as of now, great.
But be warned of the consequences and what you hold as truth in the future.
I honestly wish the best for you my son!
...but funny thing, you don't seem to understand is YOU ARE PAYING RENT RIGHT NOW, to the bank, you don't own anything yet...
Have you looked at the first page of your Mortgage agreement?
Tell me what it refers to you as ...

TENANT ...
Go ahead and go look if you can find it, I have one sitting right here in front of me.
 Quoting: Anonymous Coward 31546051


1. You realize only Newfies talk like that, right?
2. 'change my view'? wtf are you talking about? change my view to what?
3. Yes, obviously I know I don't own something until I finish paying for it. Are you honestly saying that you think renting is better than owning? Because that kind of makes you a moron of the highest order.

Let's break this down:
You're paying roughly the same amount per month, regardless. In one scenario, after paying out $150k worth of renting, you have nothing to show for it other than the privilege of continuing to pay month by month.
In the other scenario, after paying out $150k worth of mortgage, you OWN something worth 150k, and you no longer have to pay anything but taxes.

You sir, are a moron. If correcting my spelling on a word makes you feel smarter for a few minutes, then enjoy.

Or, wait, let me guess. You're a full on GLP nutbag, and are proposing that paying a mortgage is foolish, because <insert batshit crazy paranoid theory here> will destroy society long before my mortgage is paid>

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