Buy a small ~$350k home full cash or have a 230k Mortgage on a $530k home?

[777hamie]

@thezman lol thanks! Healthy (small in nicu, but healthy) baby girl!

 

[sarah90]

@derek1933 If you don’t have a mortgage you can definitely support a family of 3 on 60k, depending on where you live

 

[ifelove007]

@derek1933 I feel like we’re living on different planets (or in different states, perhaps). We support our family of three on less than 60k, while investing in our child’s education.

 

[mosfet]

@jwinder Buy only as much home as you think you'll need.

I have a family of four in a 1900 sq foot house, even though I could have gotten a loan for something much bigger. Zero regrets.

 

[anhall]

@mosfet I’m still in my 20s with no kids but based on my parents’ experience, once the kids are out of the house, you can easily find yourself left with too much house and not enough bodies to fill it up. Of course it’s the house your kids grew up in so there’s a lot of sentimental value, which makes it hard to downsize, even though it’s probably a good idea.

 

[anons]

@anhall Not to mention when the parents are older and one dies, too big of a house can simply be too much for one elderly person to take care of.