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Message Subject Mortage vs Apartment living cost
Poster Handle AR 15-SPECIALIST
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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

What about the interest that you will pay over 30 years???

On a 100k loan... Depending on your interest rate you will pay over 100k in interest.

If you factor in the interest charges then you will be lucky to break even.

Unless of course Obama saves us all..
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