My first mortgage payment went through. Out of the money I shelled out, only 13% went towards the principal. Weak. A good fraction goes towards escrow to pay next year's tax bill and for primary mortgage insurance because I didn't put 20% down.
I'm paying about $1k/month more than I would if I were renting. That doesn't really sound like a good deal from a financial perspective, but I like the feeling of home ownership. The psychological boost is worth more than than the money lost.
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Is it required to put money toward next year's tax? I don't think so in CA, but NY has all sorts of strange rules.
I have to pre-pay school taxes, pay for primary mortgage insurance and some other odds and ends.
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