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Money and Finances
Reply to "If you had ZERO debt?"
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[quote=Anonymous]OP, don't forget the mortgatge interest deduction though on your taxes. you can crunch the numbers for your tax return. In my case, it effectively lowered my monthly payment by almost 20%. true, there are possible suprise costs, such as repairs or possible decrease in the price of housing and there is less mobility. but even though I am technically in debt to the bank for the amount of the mortgage, one can also look at a lease as a debt. you are also technically in debt through the end of the lease. if you don't plan to buy, then you are also in debt all those additional years that you will be paying rent. though the interest makes up a larger percentage of the earlier mortgage payments, they may be offset by the mortgage tax deduction. then later payments are building equity, so these also effectively reduce your monthly (lost, rent-type) payment. buying still might not be right for you, but these are additional considerations. [/quote]
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