Paying off all debt except mortgage - Page 2 - TigerDroppings.com

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LSUAfro
LSU Fan
Baton Rouge
Member since Aug 2005
9732 posts
 Online 

re: Paying off all debt except mortgage


Did you read what foshizzle posted?

There is no better answer than this. Choosing any other alternative is fine, but this is the correct answer.



This post was edited on 1/14 at 10:02 am


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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
8730 posts

re: Paying off all debt except mortgage


Yes, I did. I'm saying refinancing may not be the best option if he can get his house paid off quickly.





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I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
31318 posts

re: Paying off all debt except mortgage


I beat the Ramsey drum as loud as anyone but it makes no sense to pay off a mortgage at current rates.





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Hammond Tiger Fan
Arizona State Fan
Hammond
Member since Oct 2007
11588 posts

re: Paying off all debt except mortgage


quote:

I beat the Ramsey drum as loud as anyone but it makes no sense to pay off a mortgage at current rates


Yeah, after deductions are taking into account, it's damn near an interest free loan






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Dead Mike
LSU Fan
Cell Block 4
Member since Mar 2010
1736 posts

re: Paying off all debt except mortgage


quote:

I still think it's a better idea to plow extra money into principal as opposed to making minimum monthly payments, think about what you could do if you didn't have any mortgage payments.... Like I said earlier, combine investing extra money with extra principal payments and you eliminate a shite load of risks.


You're simply sacrificing more money now to have more money later, when that money has declined in purchasing power. The problem is that you have a very limited ROI, at the cost of decreased liquidity.






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