Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.Years later, they crunched some numbers and discovered that by deciding not to take out a mortgage instead of investing that cash, they had actually lost out on around $19,000.
"You buy a house for cash and then your friends and family think that it's this amazing, positive accomplishment," Steven said. "It's definitely the 'right thing to do.' You're saving all this money on interest, and it's such a good deal." , gotten a mortgage with a 20% down payment, and invested the rest of the money they had used to buy the home — but done everything else the exact same way — what would be different?In 2016, they had a little over $20,000 in savings, and they sold over $50,000 of their investments so they could pay $71,000 in cash for the condo.
By March 10, 2020, they would have been over $19,000 richer if they had taken out a mortgage rather than bought the condo with cash. Although the three-bedroom, two-bathroom condo is bigger than they need, they say, it's nice to have extra space for an office and guests, and they've even taken on roommates here and there. Since they don't have a mortgage, their roommates' rent is simply bonus income.
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