Mortgages are for chumps. You should buy your house outright.

We paid our house off after we got married but before I had a baby. We worked toward it and I got pregnant right during the last year of paying it off. We had one of those adjustable rate mortgages that really screwed some people over, but because we paid everything early during the low interest years it really worked for us.

Paid off mortgage. Property taxes and insurance = $10k a year. Farm property worth $1 mil.

I grew up poor and just feel better knowing we own our home in full. It provides me with a sense of security. DH gets it, though he is from a wealthy background. I am more comfortable with our private school/travel expenses if we have a security net and could cut back substantially and still be safe.

$4700 for a 15-year fixed on a townhouse we paid $665k for in 2018.

Even though it’s well below the threshold that personal financial advisors say you can go up to for a mortgage, it feels like a lot.

ZERO

Anonymous wrote:$5100, includes taxes.

PP here. Adding more detail to this number:
Purchase Price: $1.210M
down payment: 20%
Interest rate: 2.875%
Year of purchase: Q4 2021

We bought in 2014. Put down 10% only because that was all we had. Mortgage is $3100. HHI is now $650K, though was 250K at time of purchase.

Anonymous wrote:

Anonymous wrote:Where do you all live with such cheap mortgages? Or did you buy a decade ago???

Thank you!! These are mortgages pre “boom” when everything shot up. Now theee houses have a $6-7k mortgage (for just decent and old homes nothing nice or new). Ugh the market here is awful.

Did you not see a PP put down 550k. People also have “cheap” mortgages because they bought the price down and probably coupled with refi to sub 3% in 2020/2021/early 2022.

I’m someone with a cheap mortgage in a nice house because we are a 2 income household and we saved our money.

Anonymous wrote:

Anonymous wrote:$1900, but make closer to 500k

Got on the DC area property ladder when I was 22.

Went state school in Virginia and didn’t go to grad school. Opened a lot of doors.

Same! GMU grad, went into sales out of college, bought my first one bedroom condo for under 200k and fixed it up myself.

Ha! I’m a GMU grad as well😊 GMU did me well, I now make over 400k/yr. Had I never was a prestige whore racking up debt and starting life way behind the financial starting line.

Anonymous wrote:This exercise is meaningless without

Purchase Price
down payment
Year of purchase

I mean $3800 PITI is about a $800k at 2.75%. So everyone posting bought a townhouse, or in PW county, or has a Time Machine

Ok. I posted earlier, our PITI is about $4200.

$1.1m
$370k down
Purchased 2014
PITI was $3300 when we bought. Went up almost immediately upon DC’s reassessment of the value based on purchase price and has steadily crept up since. Interest rate is 3.1.

Anonymous wrote:Where do you all live with such cheap mortgages? Or did you buy a decade ago???

In 2008

Anonymous wrote:Where do you all live with such cheap mortgages? Or did you buy a decade ago???

Thank you!! These are mortgages pre “boom” when everything shot up. Now theee houses have a $6-7k mortgage (for just decent and old homes nothing nice or new). Ugh the market here is awful.

4400 PITI, bought 2 years ago Chicago’s North Shore. Sold our Alexandria starter home which we bought in 2016 pre Amazon hq2 announcement so we did very well between that and the timing of the sale in 2021 during the post pandemic buying frenzy. Both kids will be in public schools so could be higher on PITI.

Anonymous wrote:$1900, but make closer to 500k

Got on the DC area property ladder when I was 22.

Went state school in Virginia and didn’t go to grad school. Opened a lot of doors.

Same! GMU grad, went into sales out of college, bought my first one bedroom condo for under 200k and fixed it up myself.

$5100, includes taxes.