Hi there - I am hoping if the MMM community can help me identify some options with my existing mortgage. In a sense, I am just looking to see if there is a better way to be approaching things here?
Overall, I have a 30 year mortgage on a house that is valued at $130,000, which was essentially the amount of the mortgage itself as well. Each month my payment is $1200 (around $200 principal/$500 interest/$500 escrow - 4.85% APR).
If I keep this up, and look long-term, I am going to be out $360,000 on a house that is likely only going to appreciate at a minimal amount, maybe $200k? Part of this is just how the mortgage industry works, I get that, but to me this is a crazy way to go about being financially prudent, when at the end of the day i'd have this asset on hand, but be out maybe 2x what it is worth?