Principal & Interest

Property Taxes

Mortgage Insurance

Home Insurance

A Tempting House…

is less than two miles from our existing home. Before I get into the details there, let me give you a little background on where we are today. We’ve been in our current house for about two years. We purchased it thinking it would be our forever home. We have two stories, a finished basement, a backyard that backs to a nature preserve, and live on a street that is nice and quiet. There is only one problem; it’s not in the city we love.

Why did we buy our current place?

Good question. The short answer is, while it’s not in the city we wanted to live in, it is literally a few blocks from it. I can walk from the village we live in now to the city we’d like to live in. I know, it doesn’t sound like a big deal but when you start talking about things like schools, library, and community amenities, our village is just a little behind the city next door. We knew this when we moved and rationalized a bit by making the analogy that we’ve decided to drive a Lexus rather than a Mercedes. We got our “Lexus” for a really good price which was the clincher. When you’re trying to retire by 45, every penny counts.

The Temptation

My wife and I have a bit of fun browsing the sites with local homes for sale. This is one of our favorites to look through. Anyway, while looking, my wife came across a beautiful house! 4,200 square feet, remodeled everything, finished basement with a media room, and even a gazebo in the backyard! That, and we’d have just over an acre all to ourselves. I’ll admit that right after looking at it online, I asked my wife to reach out to our realtor. And then I started thinking. After putting $50,000 down, we’d still be looking at almost $3,300 per month in a house payment. That’s nearly one and a half times where we are today. Not a good move if I’m looking to retire in eight years. So, while this new house is very, very tempting, this time the goal has prevailed! We’ll stay in our current, very nice house and forego the additional financial pressures of the dream home. Here’s to staying on track!

Read the Background on the Day Job Post