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Yep...don't keep giving money away. The benefits are:
- the longer you pay the more you start putting towards your equity
- interest, cloing costs and taxes are tax deductable, also putting you in a posiion to use other itemized deductions
- if you buy the righthous it will appreciate so you'll earn money on equity an appreciation
- your credit score will increase, leading to interest rate savings in other places and lower cost auto insurance
Just makesure this is a house someone else will want to buy in a few years. Look at the area...are the schools good, will other families be interested in the future, etc.? One concern is that you mentioned in is on a road with a 55 mph speed. That might have a nagative impact on resale value.
Buying a house is smart. Buying one that appreciates and you can sell in the future - after 5 years - is even smarter!
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Stangers have the best candy.
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