How does buying a home work? After you finish paying mortgages...?

You will still have to pay property taxes, homeowners insurance premiums, and whatever it costs you to maintain the property.

Once your mortgage is paid for the only thing you will need to pay is your taxes once a year. Contact your local tax assesors office for those details.

You will always have taxes. Depending on where you buy the home, you may still have fees for Land Leases, HOA's, or Mello Roos.

Many people dream of paying off a mortgage, but remember that if you use your mortgage as leverage it can be a good thing. Each state is different, talk to your tax advisor, financial advisor, and local Realtor.

When u buy a home, most people have to get a mortgage (or loan) to be able to afford it.

That just means that you're paying for it over time, while u live in it. As long as u do not refinance (take out a different loan to replace the first), or take out some other type of second loan (also known as home equity loans, home equity lines of credit, etc.), the home belongs to u when you're finished paying off the loan.

However, there r also other expenses that will always be inherent to owning property. Real estate taxes r not likely to go away any time soon (in fact, it is more likely that they will go up.) And there is also the cost of maintenance & upkeep on the property (which is not part of the deal when u rent.) Still, overall, it is a good deal by comparison to renting because u build equity in ur home as you're paying it off & for most people, it becomes their biggest asset.

When u buy a home, u generally take out a thirty-year mortgage. They work out the principal (the amount u have borrowed) & the interest (the percentage u pay to the bank for being allowed to borrow their money). Often ur town taxes r split up & attached to ur mortgage payment, as is ur home insurance. The first few years of ur mortgage, it is unbalanced so u r paying way more interest than principal. By the end of the thirty years, u r paying almost all principal. If u have the extra cash & want to lessen the time of ur loan, u can make an extra principal payment (make sure that it is applied only to ur principal amount) once a year, & u could pay off ur loan a few years before u had planned.

When ur house is payed off, u will still have to pay ur town taxes (usually a couple of thousand dollars a year) & ur insurance.

You still have to make payments on it every year. it is called property tax. If you do not make your ''payments'' to the govt. on your property they take it away.

Seriously though, your done as far as making payments to any financial institutions unless you refinance or borrow against it at some point.