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Old 10-25-2017, 10:15 AM   #3210
OMG!WTF!
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Join Date: Oct 2014
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Quote:
Originally Posted by Tyler View Post
People are under a bit of an illusion that after you pay off your mortgage, there are no housing costs.

You're still going to be responsible for

Home Insurance
Property Taxes
Maintenance Costs
Utilities
etc

All of this probably still adds up to $1000+ a month for most people, even if they have a paid off mortgage
You really do have to add up the value of the money in your house too. Even at 3% your 500k is worth $1250 a month. And there's very little risk to the downside at that rate.
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