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Have you ever actually had a mortgage? The majority of your mortgage payment goes directly to interest, NOT equity.

Equity contributions only ramp towards the very end of the term. Up front, you are paying mostly interest.

On the plus side, just by paying a couple hundred bucks extra a month you can double to triple the amount going into equity at the beginning. Bonus is they send you a check every couple of months as they recalculate how much interest you've headed off at the pass.

And if you live in a state with high property taxes, like Texas, then your taxes will likely dwarf any principal that you pay at the beginning of your loan.

It seems like so many people fail to realize how much property taxes can add up too?

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