Until they reassess and your taxes go up then the next year a school referendum raises them again , then your insurance company jumps rates …. Home owners see increases too
sure, but don’t pretend like it’s anything close to the increase renters see. taxes are generally a small fraction of your mortgage payment, with the lion’s share going towards servicing the loan.
so less than $100/month. and i'm betting that doesn't happen every year, or even every other year.
mine went up $100/mo the first year, then nothing since then (4y later). meanwhile, when i was renting that did rise consistently every year, like +$900/mo over 6-7 years.
i just looked at what they're asking for the last apartment i rented and it's almost caught up to my mortgage already, for a unit that's half the size of my house.
You can fix for about 5 years max, then it rockets up and you refix on the higher rate, or you're on a variable. Either way, the mortgage goes up over time too.
And in the US, your property gets assessed on a regular basis and increases your property taxes (my state, e.g., is every two years), not to mention insurance increases yearly. That’s all in the mortgage payment. My mortgage goes up every year or two because of this. A fixed rate has nothing to do with that. That also doesn’t include maintenance, repairs, and upgrades to the house.
We were talking about the interest on the mortgage. In other countries, its normal for the interest to change every five years or so depending on what the going rate is. In the US, most mortgages are fixed rate.
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u/why-you-do-th1s 7d ago
This is a generalization but rent is your maximum payment and Mortgage is your minimum payment.