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Reply to "Paying down a mortgage - not a debate about whether it makes sense"
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[quote=Anonymous][quote=Anonymous]I love the idea of owning my place outright and having no mortgage. It doesn't really make financial sense to do that, but I love the idea. There's something appealing about reaching an accomplishment that most don't reach until their 60s. And there's something appealing about having no monthly payment. We refi'd and are now paying extra principal to keep the monthly payment the same. No difference in cash flow for us, but we own the home sooner. Yes, that money is better maximized elsewhere, but it's a nice way to save more while not really changing any habits.[/quote] But the other thing is that your house still isn't free. first there is the opportunity cost of having all that money tied up in your house. But if you don't want to think like an economist, there are still the real costs of property taxes, insurance and repairs/maintenance. So you are still paying something. For us, those costs are about $1200 of our total $4000 monthly payment so we would be paying something anyway. Housing is never really free.[/quote]
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