• Pyr_Pressure@lemmy.ca
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    1 year ago

    Except at a certain rate your entire payment is going towards interest and your principle doesn’t go down at all so its basically throwing money away.

    • ThrowawayPermanente@kbin.social
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      1 year ago

      It depends. If your payment is less than rent would be you’re still coming out ahead. And the alternative could be a payment you can’t afford. At least this way you can choose to sell or ride it out and wait for rates to come down instead of getting foreclosed on.