It was tough getting the loan. Borrowed $2,000 from MIL to help with the down payment. Interest wasn’t too bad, I think somewhere in the 8% category. I sold that house dater two years, made $30k on it, and used that to buy my next house, which I lived in for the next 32 years. Interest on the second house, in August ‘80 was 13 1/4%. That was tough. Also, the couple we were buying the house from didn’t believe we would qualify for the loan at our age (25) and didn’t start packing until two days before move in time. Had to be out of my house at noon, couldn’t move into the new one til 5, so I sat at park with two moving trucks and three cats for 5 hours.
As Bill P said, you either sacrifice when you are young, or you do it when you are old. I chose young. I was house poor for a few years, never took elaborate vacations, paid cash for cars and dirt bikes, stayed out of debt (except mortgage) and saved what we could. Now I am retired, live in a nice area, comfortable home, and have no debt. Living large now, and enjoying every minute of it.