color of money chat q: she lives in a house that is only 10 years away from being paid off. but could buy a house closer to work with a new 30-yr
Posted by
moles (aka chris)
Oct 13 '11, 09:47
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HOMES
I live in Loudoun County and currently work in Arlington County. I have been in my home for more than 10 years and have less than 10 years left in my mortgage. I like knowing that once I finish paying off my mortgage, I can take those monthly payments and put the money into savings and finally start building the nest egg for retirement. But, with the current 25 mile commute, moving closer to work is an option. Cost of housing in Fairfax and Arlington County is more expensive which will mean going back to a 30 year mortgage. Moving would save me plenty of time and also save money on gas and car repairs, but the tradeoff is a much longer time until I can pay off the mortgage. How do I determine if the short term savings outway my long term ability to save. I used to work much closer to home, but there is no guarantee I will be able to find a job closer to home any time soon.
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