I'm tired of renting apartments

Pushasingle Finance Time Pick of the Week

I'm tired of giving my money away paying on an apartment that I will never own!

I want to go from renting this at 1,400 a month... 

To mortgaging this for the same price...

Not so fast! Granted these are the extremes of each circumstance but you get the point. I once said the same thing..."I'm tired of paying on an apartment that I will never own it's wiser to pay towards a home that I will eventually own in 30 years."

Four years later I OWN a home that is worth $30,000 less than what I took the loan out for. To date I've paid $68,200 on the $190,000.00 mortgage yet I've only paid the principle down by $11,000 which totals $179,000 left to pay off that is still collecting interest. 

I left an apartment were I paid $800 a month, if I would have stayed in it I would have paid out $38,400 over four years.

I would have saved $29,800 within four years. I could put that towards anything that I could imagine. Things like retirement, savings, my children's college or Roth IRA's, sneakers, a car or nice vacation. 

But instead I was convinced that $29,800 would be best spent on mortgage interest, escrow fees and insurance. 

No one ever pulled me aside and laid out the absolute facts and I'm wishing someone did.