Snowy36
2022-06-07 22:05:51
- #1
Then explain exactly how that works / worked? I somehow can't understand how one can be done with the loan before 40 as a sole earner... How much did you borrow? How much do you pay back monthly?? Without concrete numbers, it’s all smoke and mirrors.That's exactly what I think too. From 01.08., including special repayments, we will have €1,800 more available monthly – there is no better salary increase ;). Even though I didn't get the maximum financially, I am rid of the burden of debt and can actually sleep better, am independent, and can say that the house belongs to us. I have become much calmer, more relaxed, and more composed since I know that the house loan issue is almost resolved. That is more important to me than having debt and possibly making a little more return by investing the money somewhere – the debt, term, interest payments, etc. remain anyway and no one knows what the future holds.
And no, I don’t earn that much. Although above average, I am the sole earner – my wife only has a €450 mini-job. So if you divide my salary by 2, it’s okay, but not more. We simply bought at the right time and cheaply (the house is easily worth 4-5 times as much today) and stuck 100% to the financial plan as planned. I know enough people who have never made special repayments or increased the installment even though they intended to.
But yes, it’s not comparable to today’s times. I wouldn’t buy anymore either. I wouldn’t be able to sleep peacefully if I had to think about repaying until retirement.
Ten years ago I could have bought a semi-detached house for 375K ... it would now also be paid off and I would be 40. But we decided to build and now have double the size instead of 120 sqm and much more "luxury" ... so it's not comparable ... apples and oranges.