Owning your own home

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Velocio in reply to @Howard

this doesn't change the rate of the payback of the capital portion though... this is just the interest portion, right? so no gain here... just pain.

and there is no extra cash, the coffers are empty. i can endure this, but it is going to be hard. this is the age-old "I inherit nothing from anyone, and what I earn I pour into the home and life as soon as I have it"... I live month to month without a safety net as I've not experienced windfalls that could ever put me ahead of that situation and I grind as hard as I can each month.

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NickCJ in reply to @Velocio
this doesn't change the rate of the payback of the capital portion though... this is just the interest portion, right

It's worse than that. Because of the higher interest rate the capital paydown slows down, so you have more loan outstanding for longer at a higher rate:

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Velocio in reply to @NickCJ

damn.

oh well.

I am still going to stick with my plan... ride the variable for 6 months to see if the market recovers enough from the minibudget mayhem and whether inflation comes a bit under control, and move to a fixed in late Summer 2023.

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