Ok, but like it also doesn’t seem fair for the non-owner romantic partner to just get free rent, no?
This is more like one person sharing the cost of the loan on a house they won’t get to keep.
If the owner sells the property, they will not get back any of the money spent on interest. Thats the point. The assumption is that the principal is the best representation of the portion that the property owner gets to keep.
The logic is that she didn’t pay any equity into the house. That makes the situation similar to two people sharing the monthly rent on a rented apartment except they’re paying a bank and not the landlord.
8th grade Earth Science teacher. I shared a fun little factoid I had just learned: if you’re standing on the North Pole, every direction is south.
She disagreed and spent like 20 minutes explaining why that was wrong. I didn’t understand most of what she was trying to convey, but I do remember hearing “you can go north but in a southerly direction.”
When my wife (at the time girlfriend) moved in, we split the interest portion of the mortgage payment 50/50. Principle was 100% me. Utilities food and supplies were evenly split. Every bolted down upgrade I paid for 100%, but we decided to split paint since it mattered more to her.
The idea was if she bolted, I would mostly be left with what I paid for. If we got married (we did), we’d combine finances and it wouldn’t matter anyway.
Yeah, I used google for the street view. It’s usually a lot more crowded than pictured, and I’ve never seen those steel barriers put up in real life.
So it’s just a street with like 3000 tourists doing their thing and drivers who thought they’d get curbside parking stuck for 30-40 minutes trying to get through.
Very specific, but driving through Pike Place in Seattle. It’s technically a road, but it’ll take you half an hour to go two blocks.
A car loses its value when you drive it off the lot because it’s a depreciating asset. That money doesn’t go to the bank or the owner. It just vanishes.
Besides, if your partner only helped pay the interest portion of the auto loan (which is what I’m proposing), the depreciating value of the car would be fully felt by you when you sell the car. They would just be out a few months of interest regardless of the sustained value of the car.
Homes typically increase in value or at least hold value. When you sell your home, you won’t get back any of the money you gave to the bank as interest, but in theory everything else including your down payment will be returned to you.
So to me it makes sense that while a partner is living with you and if they are committed to helping pay for utilities and whatnot, they can also contribute to the cost of living at the home. I believe helping to pay the interest is a fair and equitable way to do that.
I mean when you’re renting a place you’re more than likely helping the owner pay off their loan anyway. It’s just another step removed.