Apr 1, 2015
6:57:13am
6:57:13am
Huh? Paying one months extra a year on a $250k home at 4% on a 30 year loan
will save $29,200. The average interest saved per month is $115.
That's a car!
If you have the means of doubling down and doing a 15 year loan vs 30? At roughly the same interest rate (a 15 year loan will give you a better one anyway) you would save roughly $96,813 AND pay your house off 15 years sooner.
$96k is considered "HUGE" to me.
Paying off extra on your mortgage is hardly foolish, it's pretty wise actually.
Now ignoring company benefits (such as discount stock and company-match 401k) in order to do so is probably stupid.
Cutting netflix and your 2-year rotating iphone 5 upgrade to put an extra $200 a month on you home? Probably good.
Driving a used car and dumping the extra $500/month car payment on your house ==> smarter.
That's a car!
If you have the means of doubling down and doing a 15 year loan vs 30? At roughly the same interest rate (a 15 year loan will give you a better one anyway) you would save roughly $96,813 AND pay your house off 15 years sooner.
$96k is considered "HUGE" to me.
Paying off extra on your mortgage is hardly foolish, it's pretty wise actually.
Now ignoring company benefits (such as discount stock and company-match 401k) in order to do so is probably stupid.
Cutting netflix and your 2-year rotating iphone 5 upgrade to put an extra $200 a month on you home? Probably good.
Driving a used car and dumping the extra $500/month car payment on your house ==> smarter.
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- Bert609
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