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US Sees Highest Ever Increase in Poverty (consortiumnews.com)

submitted 2 years ago by Blursty@lemmygrad.ml to c/worldnews@lemmy.ml

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[–] krolden@lemmy.ml 30 points 2 years ago (7 children)

Our mortgage payment is going up $125/mo because property values went up. Idk how in gonna afford that

[–] Ghostalmedia@lemmy.world 3 points 2 years ago* (last edited 2 years ago) (3 children)

Edit. Sounds like OP might be talking about property taxes, not mortgage principal.

——-

It sounds like you have an adjustable rate mortgage. If so, it is the national interest rate that is driving that up.

Your increased property value doesn’t drive up your mortgage. That is fixed.

[–] Saneless@lemmy.world 9 points 2 years ago

Property value in most places absolutely sets your taxes, which is part of your monthly mortgage payment

So yes, the principal+interest doesn't change but when most people talk about their monthly mortgage they talk about the total amount they pay to live in their house that they're making payments on

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