- Apr 5, 2008
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At what level of rent cost does it become more financially prudent to stop renting and buy a property and start spending the amount of money you were previously paying on rent on paying off your own mortgage?
One last thing - always repay more than the minimum amount, otherwise you will be absolutely raped on interest in the first few years. It's very depressing to see the graphs that loan calculators generate, showing that of the $20 000 you repaid in the first year of the loan, only about $2000 came off the capital and the rest went in interest.
man banks would love you. why do u think it is that banks push the idea that you should make extra repayments? not because it helps you, but them. i understand what you are saying about interest, but you also have to remember that inflation decreases your loan amount over time. by paying the loan off quicker than you have to, you are saving interest, but paying the bank back with dollars that have been less affected by inflation. this allows them to lend out that money again to someone else quicker than they could if you used up your entire lending time frame.