Interesting fact: commercial properties have a payback of ~10 years; so 10 years of rent, net of expenses, should pay the cost of the property.
No reason houses shouldn't be the same way, in that 10 years of equivalent rent (which includes maintenance expenses) should pay for the house. That's dreaming, for sure.
Used the default (6ish) here: https://www.calculator.net/mortgage-calculator.html.
Same rate for both loans, the longer-term loan should be higher interest, to price in the risk of a devaluing currency. This would result in a slightly higher monthly payment for the 50 year loan and higher total paid, but the numbers are good enough for comparison.
A 200K house on a 30 year mort. is 992, with a total paid of 594K if paid to term.
The same 200K on a 50 year mort is 880, with a total paid of 923K if paid to term.
The tradeoff is paying $112 per month less, to then pay 330K more over the term of the loan. That makes no sense. Please don't do this. For a large loan where you can prepay, send an extra $50 per month at the start of the loan, when the interest costs are largest, because the principal balance is the largest.
my income will have increased and the value of the dollar dropped due to inflation
The sad part about inflation is wages don't rise in proportion to the loss of the value of money. The idea that wages will rise to make the debt paid with less valuable money doesn't work for wage earners. If you have 200K in investments, like index funds, there's a reasonable chance the loan can be repaid with cheaper money over 10/15 years, but that's still a risky bet.
cackling and inane babble
No man would communicate with cackling interspersed in the semi-coherent ramblings and be taken for anything else but a clown or, if done purposefully, a comedian working on some performance art. But, I'd like to see it!
Biden I think had the incoherence, but was missing the laughing. It would be interesting to see if one could ask AI to say something in Biden's voice but with Harris' speaking style.
See comment my comment below. Having a cheap car means you need to have a place to fix that car/store tools/etc.
The more I think about it, a cheap car in working order is more of a luxury/flex than it looks to be on the surface.
6-7k in maintenance just to run three more years.
Depends on the beater car. If you go the cheap car route, you'll need two cars, because one car will just stop working every once in a while and you'll still need something to drive while it's being repaired, even if you're the person doing the repairs.
While tools aren't expensive, you'll at least need a garage/someplace to work and the time to diagnose and work on whatever car isn't working. Depending on what's happening in your life, that might not be possible. The canbus code readers make finding problems so much easier, cars now are much easier to diagnose and fix than ever.
I've gone the beater route for cars to save money and spent far less than new(er). You can fix most problems with a cheap car, it comes down to having the time to do the work, a place to wrench on your car and having a spare car for when rockauto needs 10 days to deliver your parts.
Here's my guess: current owners will be charged a concession (tax) to continue to hold title. This concession will increase over the years and make reasonably large jumps with every transfer of the property. A company will be created and collect 20-25% of the concession revenues to manage the collection/distribution of the funds and take title to the land via foreclosure due to non-payment, this will be the real winner.
remotely qualified to teach
Around here, teachers are the bottom-end people at uni.
My wife and I joked about that while at school, reality hit hard when those bottom-end people had some degree of authority over our kids. We switched and went the home-school route.
Wife had hard science formal education no problem with teaching.
I have an empty boomer-owned house next to me. The woman who owns it thinks it's an investment. Taxes here aren't low, it costs ~6K a year in taxes at the least, it's been empty 10+ years. I don't think the owner comprehends that after such a long time unoccupied, the house is worth much less; these people think that a house is always worth more, no matter what.
Meanwhile, if she would have sold and put that cash into a index fund, it would be worth more now, even with the capital-gains tax factored-in. Even if the money sat in a savings account, adding in 6K per year instead of paying tax, would be a win.
No, the police now are majority ex-military. We're the enemy in their minds.