We're torn between buying a 1200 sq ft home outright or getting a forever home with a mortgage rate that would mean paying equal amounts principal and interest (doubling our original mortgage cost). We've been saving about $60k/year for the past 3 years, so if we stayed at the same rate we would be able to afford a forever home outright within 4 years (assuming the sale of the starter home and similar market prices). Does anyone have any insight on what would cost more long term? Pros and cons to each?
If it makes a difference, we're moving to a rapidly growing area of the country.
Edit: clarification
Submitted May 30, 2018 at 03:32PM by nommin https://ift.tt/2H5EhAi
