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Arcturus on 14 May 2013
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kowenicki said:
sales2099 said:
Arcturus said:
sales2099 said:

Losing my house. I will work whatever amount of hours to keep that damn mortgage paid :)

FYI, its $3000 per month.

$3000 seems awfully high for a monthy mortgage payment. Is that due to an expensive house, or short amortization period?

25 year amortization.But I got a loan alongside my own savings to come up with the 20% down payment. So really its 2000 mortgage and 1000 per month to pay back the loan.

Ya, its ballsy for a 25 year old in the Toronto housing market.

Doesnt seem that ridiculous to me.  So your mortgage is around 150k?

My advice to everyone... pay yourself first!  By that I mean pay your debts off before you do ANTHING else.  Once you own your home and are debt free, life is soooo much easier.

I think your math is a bit off. A monthly mortgage payment of $2000 over 25 years would be closer to a $400,000 mortgage, wouldn't it? A mortgage of $400,000 would make more sense for the Toronto market.