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

  • edric
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    2 months ago

    I have the same feeling as you and I’m going through my first home purchase right now. I can’t imagine myself paying something for 30 years, and I’m in my late 30s. What’s keeping me assured is:

    • Rent will just keep rising, and having a fixed payment that doesn’t go up for decades guaranteed is reassuring.

    • I got a reasonable rate on my mortgage, but if rates go down, I can always refinance.

    • As someone who prefers to pay in full on most things, paying an interest sucks. However, I can always pay additional on the principal every month when I have extra money, and eventually pay off the loan earlier and save money.

    • I’m building equity. Renting is basically paying your landlord’s mortgage. You’re throwing money into something that isn’t yours. At least with a home, you’re investing in your own property.

    • Climate change can change it, but real estate is historically the one asset that is almost guaranteed to appreciate. If there’s any major change in my life (moving, sickness, can’t afford it anymore, etc.), I can always sell.