House price ~ 1.55m Household TC ~700k Monthly mortgage ~8850 incl. Property tax I assumed it's fine to buy a home for long term but still in shock with monthly increase of expenses compared to my rent of 3.2k earlier. I know I didn't buy an extremely expensive home, but the mortgage is too high due to the interest rate. Is this still a good move for future, in terms of long term returns #mortgage #housing
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Holy shif! You do you, but I’d never make that decision
How much are you paying down on the house? The good investment in housing mostly comes from the leverage. I don’t think it really makes sense at 7% rates
You can probably refinance once rates come down
It’s a misconception that you can always save money by refinancing. First, you don’t know when the rates will go down. Second, refinancing comes with additional costs because it is treated like a new loan application.
Keep in mind that you pay mostly interest in the earlier mortgage payments. Sure you can refinance, but if it’s after like 15 years it’s useless
Insane how you work for google but can’t answer your own question. Take the differences in payment monthly, also add some buffer for house maintenance, and assume you put that money into an index fund for compound growth. What is your position after 30 years? Do you think your house can appreciate at the same rate? The answer is likely no.
Yeah I hope I can refinance in couple of years at least to bring down my monthly payment And hoping housing doesn't crash
The position in the difference should be compared to the equity gains in the house. Hes got leverage in play with a mortgage
Nobody knows if it’s good or not. For me personally it doesn’t make any sense to pay 8850 instead of 3.2k. I would expect to get more gains from investing the difference between 8850 and 3200. That’s over 5k for monthly investment. Plus maintenance is on you in your own house, that’s extra money you could have invested elsewhere.
In bay renting is cheaper than buying. But buying is always competitive with this inventory levels.
With 700K you can easily afford 3M house. Why are you thinking about 1.55M ?
you definitely never buy a house before. Are you googling how much can I afford with 700k gross income?!
How much is the SFT and location in bayarea? As long as the long location has good school district it should be fine.
Stupid question that is impossible to answer. You will be fine. Just refinance when rates go down and use your high TC to pay off principal ahead of schedule / minimize interest burden.
Too low. Is this sfh?
What's too low... I'm already paying almost 3x rent
Where is this 1.55M home