The Motley Fool Discussion Boards

Previous Page

Personal Finances / Buying or Selling a Home


Subject:  Should I pay cash or get a mortgage? Date:  2/27/2013  4:26 PM
Author:  tidegirlny Number:  124855 of 129250

We are selling our coop apartment in NYC and buying a home in the NJ suburbs. We have an accepted offer to buy a house and are now listing our apartment for sale. Inventory is very low in our neighborhood and we do not expect to have any difficulty selling our place for about the same amount as the home we are buying.

We do not currently have a mortgage and thanks to an inheritance, we have enough liquid assets to be able to pay cash for the new place if desired. About $800K. We would have about $75K left over until we got the money from our apartment, which would probably be about the same time. We have good but not great retirement accounts and are in our late forties.

We are frugal types and I'm tempted to just pay cash for the new place, but rates are sooooooo low. What should we do, what should we be thinking about... Thanks for any advice.

Copyright 1996-2019 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us