Originally Posted By: SteveSRT8
Originally Posted By: Cujet
Originally Posted By: rsylvstr
HO insurance is $5k a year? [censored]
In my case, it's actually a bit more. Hurricane central here in Jupiter, Florida.
Ahhhh, the JOYS of ownership! The terrible thing is it's true. HO in FL can get pricey...
Mortgage total is just under $4K per month. A full 25% of my mortgage consists of taxes and insurance. Add in the interest and I'm not getting anywhere, at all.
While it's too late for me to start over, AND, I understood the math clearly upon signing the mortgage, I do wish I had been able to pay off my homes much more rapidly. If I could start over, I'd purchase my first home with a 10 year mortgage, stay 7 years and do it again. And, I'd purchase a lesser home each time.
While it's impossible to know the future, the market trends and so on, it's easy to understand that a 30 year mortgage is, in general, not a good investment. Home values over the long term often closely match the CPI. Meaning ownership gets you nowhere.
A home in Jax, FL, purchased in 1974, for $28K, is worth $175K today. Exactly matching the CPI.