"...We rent a house for $20K which would cost us $55K in interest only if we had a mortgage on it..."
Unlikely.
At a variable interest rate of 7%, $55,000 of payable interest equates to a mortgage of $786,714.
Anyone else know of someone paying $400/wk rent on a property valued at close to $800,000.
You must have an extremely generous landlord.
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