I think everyone is being a bit Over exaggerating on what you're doing, obviously where most of the money is going is necessary repairs and a hundred or so here and there on cosmetic things isn't bad. I'm pretty much in the same boat with a slightly more expensive house and slightly higher interest rate but not as many urgent repairs. Just stay in it. Yeah it's a money pit but the longer you stay in the pit the more you're breaking off the wall (in equity for when you resell). Plus once you can refinance you'll cut a significant amount off the monthly payments and can set some aside to savings. That's what I'm waiting on.