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re: Best way to payoff mortgage early?
Posted on 2/9/17 at 9:51 pm to Croacka
Posted on 2/9/17 at 9:51 pm to Croacka
Yeah makes sense. Not sure why I have this urgency to pay it off. Thanks for the advice.
Any go to investment accounts you'd suggest? I already have emergency funds, 529's for both kids, 401k maxed yearly, and put 5% into ESP. Just looking for something to drop 500/month over next 10-15 years.
Any go to investment accounts you'd suggest? I already have emergency funds, 529's for both kids, 401k maxed yearly, and put 5% into ESP. Just looking for something to drop 500/month over next 10-15 years.
2
Posted on 2/10/17 at 7:20 am to cstev12
This is one of those things that rationally makes sense, but emotionally the thought of having the biggest debt albatross of your life removed from your neck makes it hard to justify taking it to term.
I know better, i know i know better, but i still can't stop myself from paying extra towards it every month.
But i suppose I've put a dollar value on knowing i own it.
I know better, i know i know better, but i still can't stop myself from paying extra towards it every month.
But i suppose I've put a dollar value on knowing i own it.
Posted on 2/10/17 at 10:35 am to cstev12
quote:
Not sure why I have this urgency to pay it off
It's a natural reaction to want to get rid of monthly obligations. Best way to look at it is to find a free amortization schedule and play around with your additional payment amount. That will let you know when you would have it paid off if you put XXX additional towards the principal. You could then create a quick schedule to see how much you would have if you put the same in an investment and make your decisions from there.
I would do a combo of the 2, I like to round my payments up to the next $100 ($500 for mortgage payment), but that's the OCD in me.
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