1. Your assumption is correct. If you have the house fully paid off, the only things you have to pay is property taxes, homeowners insurance, and any repairs that might come up while you’re still living in the property.

  2. As a homeowner, you pay property tax, insurance (if you decide to get any, depending on how likely you believe your house might get seriously damaged), maintenance costs (if something breaks), utilities (water/electricity/gas/internet bills) and costs related to your homeowners' association if there is any (say you live in a gated community or own an apartment in a building).

  3. If you own the house, you will owe property tax every year. Depending on where you live, it is generally 1 to 3 percent the appraised value. You don't have to insure it if you own it, but would be smart to. That's usually close to percent or so. My most recent mortgage was say 800 aa month plus 350 for taxes and 150 for insurance into an escrow account.

  4. House insurance is a weird thing. You pay the premium to insure against damage to your home from weather (except floods), fire, trees falling on it, cars crashing into it, etc. But if your house does suffer such damage and you file a claim for them to pay for covered damages, your premium might very well go up permanently. And the claim gets recorded in a database that other insurance companies can search to determine your insurability and responsibility (like a credit report for how you manage borrowed money).

  5. If you've fully paid for the property, you owe nothing to the bank. Keep in mind, when you get a mortgage, you own the property from the start. That's what allows the lender to put a lien on it.

  6. You still have to pay for repairs, taxes, utilities and necessary upgrades. Except for this you do not pay anything like mortgage or rent. But there is still the concept of lost investment opportunity costs. This is a virtual cost, which means you do not actually have to pay it as such. The concept is that if you did not buy the house then you would have been able to spend the money on more lucrative investments. You could for example move out and rent out your house for cash. But since you are living in the house you can not claim this rent. It is actually not uncommon to get a mortgage on a fully paid house in order to use the cash to invest in things that have a higher yield then the mortgage interest.

  7. If you get a mortgage, it means a bank buys the house gor you, and your mortgage payment is paying back the loan to that bank. When you fully pay it off, you do not have to pay monthly ever again. Your only expenses afterwards are repairs, taxes, and your utilities like heat and electricity.

  8. It's very unlikely that you'll have to pay reparations. There's not a lot of mainstream political will for reparations, and if it does happen it would likely be paid out of taxes rather than directly charged to white home-owners. Depends on your area, I guess.

  9. My monthly mortgage payment has my homeowners insurance bundled into it. Each month my monthly payment consists of:

  10. You have to pay taxes on the house plus maintenance and other things unless you want a dilapidated home. Taxes can end up somewhat equal to renting something equivalent depending on the market.

  11. I own my house free and clear. I still pay property taxes, which are high in my state, and homeowner's insurance. So it's not free, but it's a lot cheaper than renting.

  12. You might pay the same amount as you would if you were renting a house (in mortgage payments and taxes), but there is a major pro to it. You own the house. You are building equity. You can sell the house and get something in return. With renting, you don’t get money back once you move out.

  13. If you don’t have a mortgage you’ll still have property taxes due annually. This is separate from income tax. Income tax is related to earnings from investments, businesses, or wages earned. You will also need homeowners insurance. There are expenses like utilities, repairs, lawn maintenance. But not having a mortgage saves you easily $2500-$3500 a month

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