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House payments #13034626 01/19/19 01:37 AM
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bill oxner Offline OP
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How many of you have them? What would you do without house payments?



Originally Posted by bill oxner
Originally Posted by patriot07
People retire with not enough saved to have margin left for major bills. I have some buddies at work about to do just that - I told them I'd want at least $2M in the bank to retire at 60 right now, and I'd need closer to $5M for when I want to retire (25-30 years from now). Average $4k per month for bills and basic expenses, $15k per year for extras adds up to $1.8M. That leaves $200k for major medical issues, which doesn't go far now and will do even less down the road.


Explain $4,000 per month without a house payment and no children at home.


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Re: House payments [Re: bill oxner] #13034629 01/19/19 01:39 AM
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TexDawg Offline
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I do not

Re: House payments [Re: bill oxner] #13034633 01/19/19 01:41 AM
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elcoyote, esq. Offline
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If I didnt have payments on this house, I would buy another house.


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Re: House payments [Re: bill oxner] #13034637 01/19/19 01:46 AM
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DanDaBald Offline
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No more house payment, but I pay $1,100 per month to have an apartment in McKinney TX.

And I'm very seldom in it.


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Re: House payments [Re: bill oxner] #13034639 01/19/19 01:46 AM
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Flyfisherman Online Content
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I do not have a house payment. I also do not have a house.

Re: House payments [Re: bill oxner] #13034648 01/19/19 01:51 AM
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Retire debt free or dont retire. With no house payment, live like no one else.

Re: House payments [Re: bill oxner] #13034660 01/19/19 01:57 AM
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Bigbob_FTW Offline
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3 more years.


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Re: House payments [Re: bill oxner] #13034672 01/19/19 02:07 AM
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JCG57 Offline
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House payments are for the petite bourgeoisie.

Re: House payments [Re: bill oxner] #13034678 01/19/19 02:15 AM
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Pilothawk Offline
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I own the house...kinda.

I have to pay the county $2200 per year to keep it....so, who really owns it?


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Re: House payments [Re: DanDaBald] #13034680 01/19/19 02:18 AM
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TexDawg Offline
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Originally Posted by DanDaBald
No more house payment, but I pay $1,100 per month to have an apartment in McKinney TX.

And I'm very seldom in it.


Mind if i use it occasionally?
pollo

Re: House payments [Re: bill oxner] #13034688 01/19/19 02:25 AM
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RayBob Offline
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I live in a van down by the river.


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Re: House payments [Re: bill oxner] #13034694 01/19/19 02:30 AM
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Govt shutdown may keep us from making ours.

Re: House payments [Re: bill oxner] #13034695 01/19/19 02:31 AM
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If you live in the same house for 30 years then it is paid off. When I retired and made a tidy sum off my home, I decided I did not want to put a bunch of money into another house when we moved. The money would just sit there and be of no benefit to me. Therefore, I put enough down so as not to have to purchase mortgage insurance, left the rest invested, and by refinancing a couple of times have a very low payment at 3.9% interest (a decent apt. would cost me 3 times as much as my house payment). I can better that 3.9% rate in a diversified portfolio. After 18 years, I have amassed well over $200,000 in equity in my current house, and what I would have paid outright is still making money for me. I am not a believer that you have to have a house paid for when you retire.

Other than that, I agree one should definitely retire debt-free and don't take on new debts.

Re: House payments [Re: bill oxner] #13034700 01/19/19 02:36 AM
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got one and if I didn't it would go to savings


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Re: House payments [Re: bill oxner] #13034707 01/19/19 02:39 AM
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Married 3 times so I have a house payment. If I didn't I would probably spend it. Saving a bunch now anyways.


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