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Reply to "Shocked: Our bare-bones monthly cost of living is 5K after taxes! What's yours? "
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[quote=Anonymous][quote=Anonymous] Sounds like you have less than 20% equity in your home, because you mention that insurance and tax are paid thru escrow. Your discretionary spending is out pacing your mortgage by 5 vs. 2. I would be socked as well. Our bare-bones budget is about 40% of yours, but our mortgage is paid off! [/quote] This is not necessarily the case. We have 50% equity in our house and pay our mortage and taxes through escrow. If you have less than 20% equity you can't go without escrow, but you can always go this route if you want to. For us, its just one less thing to worry about since our mortgage/escrow is set up to pay automatically. [/quote]
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