text: On the flip side. I moved from Toronto to London, Ontario 3 years ago. I will pay off my mortgage in 10 years. If my wife or I get sick or cannot work we will just pay the required mortgage payment rather than an accelerated one. Once the mortgage is paid off, my mandatory  monthly expenses will be $150 (property Tax) $350 (utilities/insurance). Of course there will be upkeep and maintenance expenses but I can decide how and when I want to spend my money. I rented for 10 years before moving and buying a house. I couldn't be happier.