To all dear retirees,
If you paid off your mortgage, you still have to pay for 1) realty taxes + 2) home insurance + 3) HOA for some. If you exclude your electric/gas/water bill, how much do you pay for very basic housing cost?
And if you decided to keep a mortgage, how much mortgage did you keep?
I was thinking of paying off my mortgage before I retire, but I could refi now at a low rate and keep like a $390/month mortgage. Like a $85,000-$90,000 mortgage could get me below $400/month at 3.25%. I would prefer this than getting a variable home equity line. My realty tax + home insurance is about $350/month. And HOA is $60/month. That will make my basic housing cost around $800/month (excluding elec, gas, water).
If I pay off my mortgage, then my tax, insurance, HOA is about $410/month.
Just wondering if you care to share your numbers.
If you paid off your mortgage, you still have to pay for 1) realty taxes + 2) home insurance + 3) HOA for some. If you exclude your electric/gas/water bill, how much do you pay for very basic housing cost?
And if you decided to keep a mortgage, how much mortgage did you keep?
I was thinking of paying off my mortgage before I retire, but I could refi now at a low rate and keep like a $390/month mortgage. Like a $85,000-$90,000 mortgage could get me below $400/month at 3.25%. I would prefer this than getting a variable home equity line. My realty tax + home insurance is about $350/month. And HOA is $60/month. That will make my basic housing cost around $800/month (excluding elec, gas, water).
If I pay off my mortgage, then my tax, insurance, HOA is about $410/month.
Just wondering if you care to share your numbers.