If prices are going up, then it’s going to be less than 13.5 years because the value of the house will grow on the meantime and you will own more than you owe
But then again, I would not be surprised if the rates fell in the future, so if your mortgage is a few years locked in rates and then goes floating this may be still fine
I’m talking more likely 7 years in the future, not like one or two, though
If prices are going up, then it’s going to be less than 13.5 years because the value of the house will grow on the meantime and you will own more than you owe
Nah the 13.5 accounts for a continued increase in home prices. If it didn’t it would be more than that.
Oh, that’s surprising, then
But then again, I would not be surprised if the rates fell in the future, so if your mortgage is a few years locked in rates and then goes floating this may be still fine
I’m talking more likely 7 years in the future, not like one or two, though
There wouldn’t even be a payback period at all if they weren’t calculating for anticipated value growth.
That’s not true, you eventually win due to not paying rent in perpetuity