An option for me to buy a house has come up very suddenly and it seemed like a good idea at first - but I look at a mortgage and think “that’s 15 years I’ll spend paying back, at absolute minimum. Probably more like 25 years” - how can I possibly plan that far in advance?
So, how did you feel about getting a mortgage and seeing such a serious commitment stretch so far into the future? I’m mainly talking about the emotional side of things rather than financial
I felt great about it, our monthly mortgage payment was a little less than we were paying in rent, and a portion of every payment was us building equity in our home rather than 100% going to a landlord. I feel even better now, as rents and home prices have skyrocketed where I live, and our monthly payment has only gone up about $300 over 9 years where renters are facing much steeper increases.
It all boils down to your monthly payment, and whether that price is right for you. You need a solid estimate on what your monthly payment will be, to include principal, interest, and escrow to cover taxes and insurance, and see how that amount feels to you moving forward, because it will stick with you.