High mortgage rates affecting your hobbying?
- Thread starter Kakaa
- Start date
His math is correct, at least with simple interest. Are higher interest rates his math teacher's fault? Should they be teaching questions like this in school–
Q: Ben has a $300,000 mortgage. Suppose the annual interest rate on the mortgage rises by 4%. How many fewer escorts can Ben afford each month?
A: None, but Ben has to give up driving and eating.
Rising interest rates and cost of living is definitely reducing my hobbying activity. No doubt about it. I have way less disposable income now. I used to enjoy the professional and reliable providers at $400/hr range but now forced to roll the dice on $200/hr LL providers. FML.
I would rather have quality less often then quantity at a lower rate !!!!!
You clearly don't own, he is correct. My mortgage is a little over 500k and my monthly payments are up over 1k.
Has it impacted my hobbying? Not really. The offerings in Ottawa already did that. It does help the big head win out over the little one when I start cruising LL out of boredom and consider making a bad decision, though. Can't wait for my overseas trip soon - 1 month of straight debauchery.
For sure, higher mortage and higher providers rates are both part of the reasons why I had to slow down my hobbies activities.
But I also don't want to meet the hit-and-miss ones. So I stick with those that I'm sure I will have fun, even if I have to pay more.
But I also don't want to meet the hit-and-miss ones. So I stick with those that I'm sure I will have fun, even if I have to pay more.
my bad! my shit is not up for renewal for a while and I haven't realized how bad it is out there
Does one have to be exclusive of the other? I think not, but providers have recently (last 3-4 years) realized how much we are willing to pay unfortunately.
My mortgage was paid off at age 60, so the past 10 years have been wonderful...
Yep the math is off, for example:
$300,000 mortgage at 1.5% fixed, 25 year amortization: $1,199.15 a month payment
$300,000 mortgage at 5.5% fixed, 25 year amortization: $1,831.17 a month payment
Mortgage payment has gone up $614.02.
If you use other interest rates with a 4% difference, say 2% and 6%, the amount goes up a little bit, but no it's not "an extra $1k in interest per month".
$300,000 mortgage at 1.5% fixed, 25 year amortization: $1,199.15 a month payment
$300,000 mortgage at 5.5% fixed, 25 year amortization: $1,831.17 a month payment
Mortgage payment has gone up $614.02.
If you use other interest rates with a 4% difference, say 2% and 6%, the amount goes up a little bit, but no it's not "an extra $1k in interest per month".
You guys are doing it wrong. I sold my house, live in my moms basement, spend the cash on strippers.
Not really though, please don’t do that.
Not really though, please don’t do that.
my advice as an investment advisor is to get a reverse mortgage and go nuts hobbying
Interest rates and inflation have been murdering my bank account as well, but I try not to let it get to me and have been living more frugally and simply. I’ve become a better cook because of it!
Speaking just from my perspective, I thought that the effects of the above have finally caught up with the economy because for a week and a half in February, it was quieter than normal, but things have picked up dramatically. It’s been so weirdly inconsistent, more so than usual. Maybe astrology is true, and the moon placement makes everyone horny simultaneously lol
I hope we aren’t heading for too much of a severe recession. Trying to think positively and remind myself Ottawa is the capital, and capitals don’t get dinged as severely as, let’s say, resource-based communities. Either way, hoping for the best and preparing for the worst!
Speaking just from my perspective, I thought that the effects of the above have finally caught up with the economy because for a week and a half in February, it was quieter than normal, but things have picked up dramatically. It’s been so weirdly inconsistent, more so than usual. Maybe astrology is true, and the moon placement makes everyone horny simultaneously lol
I hope we aren’t heading for too much of a severe recession. Trying to think positively and remind myself Ottawa is the capital, and capitals don’t get dinged as severely as, let’s say, resource-based communities. Either way, hoping for the best and preparing for the worst!
Yep, the state of thd economy undoubtedly affects people's disposable income, which likely affects yheir ability to hobby. Add to this that providers also likely ferl the same constraints on their disposable income thus they choose to raise their rates to address this. Of course, then that makes it tougher for many to hobby. Vicious cycle.
Very interesting thread. All kinds of economic indicators are positive, and yet the pressure seems to be felt on the cost side. After more than a decade of rock bottom interest rate, I can see how it hurts highly leveraged folks.
It makes me even more glad that I've been mortgage-free since 2012.
Still, have I reduced my lobbying? Yep, there is a dearth of ladies I find attractive these days. I must be getting old.
It makes me even more glad that I've been mortgage-free since 2012.
Still, have I reduced my lobbying? Yep, there is a dearth of ladies I find attractive these days. I must be getting old.
Every provider in this city asking 200$ for HH of all-safe service has killed my hobbying, not the interest rates.
Did my last fixed rate which rolled in a reno credit line. I got 4 years left, upped my payment by 350 every two weeks but lowered the interest on the credit line cost. And now its all one payment I can plan for. No other debt so in four years I'm free.
The pandemic killed most of my hobbying. Both because of the usual reasons but now my SO works from home full time so my "free time" dwindled significantly. Come spring I can go for extended bike rides again(and have an excuse for a shower) but I'm curtailed for now.
The pandemic killed most of my hobbying. Both because of the usual reasons but now my SO works from home full time so my "free time" dwindled significantly. Come spring I can go for extended bike rides again(and have an excuse for a shower) but I'm curtailed for now.
