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TLDR: You pay for the benefits of being a mortgage holder, when you make the down payment.

Think of it from the bank's point of view. A bank can afford to be patient with mortgage holders because there's an underlying asset. There's a $300,000 house and the owner still owes you $150,000. If you repossess right now as opposed to a few months from now, either way you're getting repaid from the value of the asset, minus the cost of dealing with everything.

Whereas when renting, if someone misses rent one month, if you evict them immediately you're out a month's rent. If you wait two more months before evicting, now you're out three months' rent. The longer you delay, the more it costs you.