I mean I am still looking for a job but I can totally do this once I have one ( my husband works)
My current credit card is 9
Simple Solution; 1. If you intended to live in that house for 30 years –then pay as little as you have to. For example you bought a house for $200,000 and you paid $200,000 in interest in 30 years in all you paid $400,000 total. After 30 years, I bet you your house will be worth $400,000. If you sell you get all your money back and your lived for free. 2. If you anticipate to live in the house; about 10 years or less. -then pay as quick as possible you will save lot of money in interest. As far as investing the difference-, You have to be sure that you will make more money in investments. Saving money in mortgage interest is a sure thing.
There is always a discussion about paying off a mortgage early vs. paying off a credit card early. Here is my take on these subjects. 9% which is pretty good. It has quite a big balance (lots of reasons but they don’t include frivolous shopping or eating out). I do round up my payment to next $100 when paying and I pay 1/2 of my rounded up payment every two weeks when I get paid. That being said, I have 24 yrs and a few months left on my mortgage (6.25%). In my case, and I am sure I am not the only one, when I file my taxes I end up being better off with the standard deduction than itemizing. Hence, any hogwash about how beneficial it is to be able to deduct mortgage interest, etc. does not apply and is wasted (financial advisors and real estate salespeople are very fond of impressing you with this “tax” savings). So, of course I would rather pay off my mortgage early (using the above calculator says less than 6 more years using the figures I plugged in to “B.” Yes, “B” works fine. Just delete the fields in “A”, insert your stuff into the “B” fields and choose the B drop down button. Voila, you have a nice, neat amortization schedule showing what you curently pay for principal and interest, how each payment drops your balance, etc. I would rather have my house paid for (I am 68) than worry about my family deciding how to pay for it (payments are fairly small compared to a lot of others out there) when I die than my credit card, which cannot be collected once I am dead unless some idiot in the family decided to pay it off on my behalf, and I installment loan fast Indiana hope no one is that dumb! I must add that in the mix somewhere I also make extra payments (I have a second job I do at home) against a student loan I was foolish enough to co-sign for and have paid $6,000 against it since last October. Of course, Sallie Mae can’t come after me after I am dead, either. Bottom line is, do what helps your financial bottom line the most. Cheers.
So, sometimes it is a dilemma–student loan, mortgage, student loan, mortgage
Great articles here. I have read several articles on the net and heard advice on the radio to add to a mortgage and pay it off faster and it sounds like something I’d really like to do. My husband and I have had our mortgage for around 18 years. Does it help significantly to start this practice of adding more to the mortgage after all these years?