I do have about 30% equity. But still principal and equity payment is only about 60% of my monthly payment.
“If I had to rent my house it would cost nearly five hundred more per month over my house payment which includes taxes and insurance. This does not include upkeep on my house.”
Well of course renting the house costs more than the mortgage payments, because the person you are renting from is still making those same mortgage payments, plus they have to pay for maintenance, landscaping, etc, and they would surely like to make some profit on top of that too.
Renting can be cheaper than owning, but not so much with houses, only usually when you are renting in a multifamily property.