Downsizing to a paid-for home

For many longtime homeowners, the equity in a larger home is enough to buy a smaller one outright. Selling, paying cash for the next home and keeping the rest means no mortgage payment in retirement. Run the numbers with your sale price, payoff, selling costs, the next home’s price and its monthly costs before you decide.

Run your numbers

Likely sale price of your home (we'll give you a free, detailed estimate).
Minus your mortgage payoff, if any.
Minus selling costs and moving costs.
Equals what you'll have to spend.
Compare that with the price of the homes you're considering, plus their taxes, insurance and any association fee.

If there's a gap, options include a less expensive next home, a short mortgage you pay off quickly, or waiting until you've saved the difference.

Why it appeals

A paid-for home lowers what you need each month in retirement, protects you if income drops, and makes the home a source of security instead of a payment. As a Ramsey Endorsed Local Provider for more than 15 years, we help clients do this every year.

Quick answers

Common questions

Should I pay cash for my retirement home?

If your equity covers it without draining your emergency savings, paying cash means no mortgage payment in retirement. Compare the home’s ongoing costs (taxes, insurance, association fees) with your retirement income, and talk to your financial advisor.

Free, no obligation

Get your free downsizing plan.

Tell us a little about your home and what's next. A Huerkamp Home Group agent will put together what your home is likely worth today, what your next home could cost, and a timeline that gets you moved once. No pressure, and no cost.

Prefer to talk? Call (612) 843-9620. A real person answers.