6% is only about a half of the rate on our first mortgage. Been there done that and survived.
Yeah...our first mortgage was an 8.5%, 30 year VA loan (with the 1% VA funding fee). Not as bad as your 12%, but still teaches one perspective. We eventually refinanced down to 4.5%, 15 year with no PMI. I’d still buy another house.
My first mortgage was 8.25%.