Mortgage calculator/app

[Axel]

You'll fail your MBA courses.

Well, at least I'll have a soul.

[BrickHaus]

I wish I paid more attention, as my wife does most of the budgeting. But we just refinanced. We were paying 3.6% and refid to 2.8% . Bank gave us a better rate to do a 30 year over the 15 this go around, but our payments are now so low we are paying down like its a 15.

We want to own this house so we can take our stellar credit and buy a new one. We figure we can rent this property for passive income if we can make it work. So we are in the same boat as you trying to pay it off faster.

That being said, we have also been paying other debts off pretty agressively with the Covid shutdown ruining our plans. So we have a few grand left on her car, and the mortage for debts, so prolonging it some was a good idea in its own right. Id say if you can get your interest rate in the low 3s or less, do it. Its worth the savings, and if you are after agressive payouts, pay on the 1st, and the 15th, then pay extra.

In my opinion, you wanna own property, the more the better.im also not a financial advisor. Lol

[Axel]

Thanks to the deleted spammer who bumped this old thread.

Man, I got salty with dartamon 😆. Sorry for that.

I understand the 'MBA logic' for always staying in cheap debt. It's not my life plan.

[Siress]

oh man... what I ride I just went on having just discovered this thread - and having spent a solid hour of research earlier today evaluation the ROI for getting an iMBA at this point in my life. Spoiler: Nah.

Got a good lol out of your saltiness, tho, Axel

[russc]

I bought a home late last year and was paying down a little bit of extra principal each month until I realized that it makes no sense with such a low rate mortgage. That cash is better spent going into renovations.

[Axel]

I just completed a refi at 2.63 APR and it's kinda killing me to know that my debt-free date is now locked in because it just doesn't make sense to pump any more than the minimum at these rates. I didn't go whole-hog with a new 30 year term and cash out, but dang, I could buy I-bonds today at a significantly higher rate (albeit that's 100% inflation, the fixed rate is still 0 which is kinda scary)

[Grendel]

There still is couple arguments for paying off your principle sooner: 1) piece of mind 2) no matter what your MBA classes says or Financial Advisors tell you nothing in investing is guaranteed to make you money other then interest not paid is the same as making that interest. I have been investing in the market for decades [stocks, bonds, mutual funds...etc] and in some of those adventures I lost capital. I know several guys while I was in the Navy who invested money (bonuses) based on "Financial Advisors" saying, "take a loan and invest the money you'll make more then you'll pay in interest ..." Some made money in the long haul but some of those guys ended having to move money around and paying interest on loans and ended up on the losing end of both deals. Hell even the company I work for has been bit on the ass recently by over investing with starry eyes for the future.

Interest not paid is guaranteed "income". Sure it is highly conservative but most people I know don't have the money to be playing around with capital. Can you lose your job and keep your family taken care of for more then a few weeks/months? If you can't you have no excuse for jumping into speculative investing. I made that mistake and learned it the hard way, I was buying and selling {junk} bonds on margin when 13 Jul 1989 happened and I did not have the reserve capital at the time to cover the margin when it was called in on Monday. It cost me a E6 ~$10k I could not really afford. Thankfully I was single at the time and was able to liquidate some other highly profitable assets to keep me out of serious hot water. I got into this because I listened too much to a financial advisor instead of listening to my more conservative inner voice. I made money on bonds but that one F**K Up cost me all of those profits plus future profits from what I liquidated.

[Chuck E Ducky]

Honestly it depends on your financial situation everyone is different. I’m not paying my mortgage off early. My rate is super low. I Couldn’t borrow the money cheaper any other way and I’m using other peoples money to build Equity on several property’s. I keep that cash liquid for investment opportunity’s. I make way more then it cost me to hold that debt and it’s not something I couldn’t just pay off if something catastrophic happened in my life. This has allowed me to capitalize on the market fluctuations, buy substantial amounts of land and income properties, I have bought and sold cars Tractors ATV heavy equipment with that cash. Money makes money if you know how to work it. There is such thing as good debt. It’s important to hold good credit. It makes making those big investments possible while reducing risk.