How many people can avoid mortgage all together by paying the entire cost of a house in one go?

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Posted by Yu Zheng (MONEY FORUMS: 4, Answers: 1)
Asked on March 15, 2016 11:50 pm
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Get very familiar with the term ‘opportunity cost’ before you spend too much time focusing on paying cash.

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Posted by Will Lipovsky (MONEY FORUMS: 0, Answers: 37)
Answered: March 22, 2016 1:04 pm
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According to Realtor Magazine the percentage of home purchases in the United States done entirely with cash peaked at around 42% in February of 2011 and has since returned closer to the historical (since 2000) average of about 25%. Some of the cash purchases are by investors. Additionally, some cash purchases are a result of empty nesters and retirees downsizing. The percentage of first-time homebuyers paying cash is most likely somewhat below the average of cash purchases.

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Posted by Peter Neeves (MONEY FORUMS: 1, Answers: 59)
Answered: March 20, 2016 12:13 pm
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Very few people have the cash available to outright purchase their home. Instead most people will take out a loan on 80% of the cost of the house (paying 20% up front as the down payment). If you have the means, paying off your mortgage early will save you a significant amount over the years, as anything you pay over your mortgage payment will go directly to the cost of the principle and not the interest.

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Posted by Jessica Ozar (MONEY FORUMS: 2, Answers: 18)
Answered: March 20, 2016 7:04 am