An option for me to buy a house has come up very suddenly and it seemed like a good idea at first - but I look at a mortgage and think “that’s 15 years I’ll spend paying back, at absolute minimum. Probably more like 25 years” - how can I possibly plan that far in advance?
So, how did you feel about getting a mortgage and seeing such a serious commitment stretch so far into the future? I’m mainly talking about the emotional side of things rather than financial
I remembered my mom saying that by the end of the 30 year term the mortgage was her smallest housing expense, lower than the electric bill.
So yes, scary, but just remember that principal and interest part is going to seem smaller and smaller since it doesn’t grow with inflation.