Observations on life

Money Pit

Don’t make the same mistake I did. If you are planning on downsizing in retirement and you have a home to sell, plan ahead. Get rid of the stuff you have now.

Given my confidence that the condo mortgage would only last a few months, I put down just 10%, thus incurring both the cost of mortgage insurance and a higher interest rate. That proved to be a questionable strategy. The “good news” is, our 2018 itemized deductions exceeded the $24,000 standard deduction and we got a whopping tax refund—in return for losing $13,000 to mortgage interest.

Source: Money Pit – HumbleDollar

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