Personal Finance

3819 readers

1 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 1 year ago

MODERATORS

WandererLagomorph799@lemmy.ml

nieceandtows@programming.dev

nieceandtows@lemmy.ml

128

Housing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onward (finance.yahoo.com)

submitted 1 year ago by Blaze@discuss.tchncs.de to c/personalfinance@lemmy.ml

23 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] CustodialTeapot@lemmy.world 3 points 1 year ago (1 children)

I don't think you understand mortgages very well.

You know you can remortgage or sell your house before it's paid off, right?

If I pay in £500 a month. Likely, 20-80 of that goes to interest. I'm gaining £480 in equity each month.

Which I can gain access it at near any point with very little penalty.

You're focusing very blindly on your single point of "the deposit". Which is the hurdle everyone should focus on however possible.

[–] TunaCowboy@lemmy.world 13 points 1 year ago (1 children)

If I pay in £500 a month. Likely, 20-80 of that goes to interest. I'm gaining £480 in equity each month.

What kind of amortization schedule is this based on? This seems completely divorced from reality.

[–] Saintpaul@lemmy.world 6 points 1 year ago

It is. I bought my house two years ago with a low interest rate and it’s still another four years before I’m paying more money towards my principal than interest.