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Old 06-16-2011, 01:53 PM   #81
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Originally Posted by Danmar View Post
Certainly not my intention. Agree we are very fortunate.
Only joking. Well financed people that my taxes do not pay the freight for make me happy. You are clearly one of these.


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Old 06-18-2011, 08:19 AM   #82
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Join Date: Mar 2010
Location: Chicago
Posts: 1,065
Originally Posted by youbet View Post
Don't forget to include some estimate of the opportunity cost of the money you have tied up in your home. This isn't easy since the amount is hypothetical. Still, if you didn't own a home and rented instead, you'd have the money you now have tied up in your home invested in some way. I use 4% of the value of my paid for home. You get to roll your own die. But, include some number or you're just fooling yourself.
Exactly the opportunity cost. I spent the last 10 years of my employment paying off my house. I eventually paid it off but then ended up taking some of it out to help pay for children's college tuition. Never again. When I retired and sold the home I only put down 25% on my new home and invested the rest. My pension easily handles the new mortgage and now I have a big chunk of liquidity as well as my 457. It's nice to know that I could pay off the new mortgage. This being my only debt it's also nice to know that if I need a new car I can pay cash.

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Old 06-18-2011, 06:22 PM   #83
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Join Date: Jan 2004
Posts: 2,049
Mortgage interest: 3500
Insurance: 700
Repairs: 700
Property tax: 4000
Utilities (electric, trash, water): 1000
Gas: 500
Phone/net: 600
Total: $11000
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Old 06-19-2011, 02:06 PM   #84
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Join Date: Jan 2010
Posts: 242
$18,954 Mortgate (P&I)
6,683 Property Taxes
4,036 Utilities (Water, Sewer, Gas, Electric, Trash)
1,800 Yard Maintenance
936 Insurance
204 HOA
156 Land Line
$ 32,565 TOTAL

We live in the San Francisco Bay Area so the cost of living is pretty darn high. We could pay off the mortgage, but choose not to since the interest rate is so low. The home is fairly new so we had no repair costs, although I do expect some in the future (appliance replacement, etc.). I don't consider cable, internet, cell phones, etc. to be part of our housing expense; they are discretionary expenses and mostly for entertainment.
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Old 06-19-2011, 04:34 PM   #85
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Originally Posted by haha View Post
Only joking. Well financed people that my taxes do not pay the freight for make me happy. You are clearly one of these.



I don't want to spend my entire life at work. I deserve more. - Want2retire aka W2R
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