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#9
11-20-2012, 01:27 PM
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Buying the cheaper house allows you to build a contingency fund so you can continue to pay for your modest lifestyle in the event you lose your job. Rule of thumb is to have 6 months worth of expense in the bank or other conservative instruments. As the above poster said the bank can give them a $3k a month mortgage they would be foolish to take it if it leaves nothing to deal with emergency or even general life, $1500 per month is much more manageable and allows you to live and save.
I assume you are trolling as this should be this should be self evident to all,
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