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Reply to "Downsize to townhouse?"
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[quote=Anonymous]If you are thinking longterm, think all the way longterm. How much will this mortgage and maintenance cost you over the remaining life of the mortgage vs the new mortgage on the townhouse plus transaction costs and maintenance? If you have 20 years on your current mortgage, part of your calculation is 500 a month for 20 years, or 120k in savings. But then keep in mind that you will be starting over on a mortgage if you move and paying a mortgage for however many years longer. Maybe that beats out the 30k in transaction costs, but maybe it doesn't all things considered. Factor in equity since you can't predict it and you can't have it while you live in the house. [/quote]
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