TurdFurgeson18 t1_j2ctmhh wrote on December 31, 2022 at 7:56 AM

Reply to comment by killaho69 in Can I afford $2800 rent based on my financial situation by irishgirl249

Mortgage and rent are completely different ballgames as long as you arent planning on selling your house every 5 years. You are storing away the value of that payment in you net worth, if you can afford to live on the rest its not a poor move. Rent is flushed down the toilet every month, youll never see the value of that cash again once that month ends, which is why paying rent at any elevated rate, no matter how much income you have, is a poor idea.

Contralogic t1_j2e0xjl wrote on December 31, 2022 at 3:51 PM

Be careful turdferg with this math..

Of the mortgage, your equity increases just eith principal paydown...taxes, insurance, maintenance (commonly estimated at 1% annually of home value)... Having a mortgage can make sense for a lot of good reasons...but a well priced rental can sometimes be better for the situation.

TurdFurgeson18 t1_j2f783z wrote on December 31, 2022 at 8:43 PM

100%, im still a renter for this reason.

Aged_Skeptic_9162 t1_j2fptyh wrote on December 31, 2022 at 11:00 PM

Also, rent never ends. Mortgages have a payoff period or amount.

TurdFurgeson18 t1_j2frhur wrote on December 31, 2022 at 11:13 PM

The Sooner you start the 30 years the sooner it ends

Aged_Skeptic_9162 t1_j2fvkzr wrote on December 31, 2022 at 11:44 PM

So true! However, I always chose the 15-year route.