Jonathan and I own a home. Our mortgage is $1628.36 per month. When we decided that we wanted to travel, we rented it out.
From our renters, we receive $1500.00 every month. This means that we still have to pay $128.36 every month out of our own pocket towards the mortgage.
Here in Quito, Ecuador, we are renting a 2 bedroom apartment, fully furnished, and with all utilities included. Our rent here costs us $600 per month. We upgraded to the faster internet service for an additional $20 per month.
This means that for our housing and utilities cost, we pay a total of: $620 + $128.36 = $748.36.
A note on utilities: In Colorado, our average monthly utilities cost for 2009 was $100 / month. Because utilities are included in our rent here in Quito, we save an additional $100 / month on utilities.
Previous mortgage payment every month= $1628.36.
Monthly rental = $748.36
$1628.36 – $748.36 = $880
This means that we save a total of: $880 + $100 = $980 saved every month on housing cost.
Adding cars, phones, and our housing, this gives us a total of just under $1,830/month to use in a different way than we had been using it before.
Hey – good breakdown. I think the other half of this same question is that people equate travel with no income for that period of travel (beyond maybe their two weeks paid vacation).
Indeed Adam. So Jonathan…let’s hear a little about that 😉
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