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How much equity do you have in your home and When do you plan on paying off
Posted on 5/15/19 at 7:13 am
Posted on 5/15/19 at 7:13 am
Purchased home for $385,000 in early 2016. Value is probably $400,000, and I owe approximately $282,000 giving me equity of $118,000. I am currently putting an extra $500/month on the mortgage to lower my effective interest rate to low 3s and pay it off in 15 years.
I know I could hurdle that interest rate in the market, but I am consistently putting a lot more dollars to work there (SEP, HSA, non-qualified for retirement and 529 for kiddos school.) plus, I enjoy looking forward to having a paid off home without a monthly mortgage payment.
What are y’all doing in terms of paying off your home? Paying minimum and investing difference? Everything at mortgage?
I know I could hurdle that interest rate in the market, but I am consistently putting a lot more dollars to work there (SEP, HSA, non-qualified for retirement and 529 for kiddos school.) plus, I enjoy looking forward to having a paid off home without a monthly mortgage payment.
What are y’all doing in terms of paying off your home? Paying minimum and investing difference? Everything at mortgage?
This post was edited on 5/15/19 at 7:19 am
22
Posted on 5/15/19 at 7:18 am to 3morereps
Built home in 2017. Appraised at $400k and currently owe $259k. We're throwing an extra 1500 to 1600 a month on the mortgage. I know numbers wise it doesn't make sense but my wife and I hate debt and a paid off home provides peace of mind and freedom.
Posted on 5/15/19 at 7:22 am to 3morereps
My interest rate is 3.5% so I don't do any extra principal.
If paying down your mortgage makes you happy then do it. Less risk, paying less interest, guaranteed "return" on the additional principal payment. That is never a terrible financial decision.
If you're paying PMI then it may make even more sense to get your LTV lower.
If paying down your mortgage makes you happy then do it. Less risk, paying less interest, guaranteed "return" on the additional principal payment. That is never a terrible financial decision.
If you're paying PMI then it may make even more sense to get your LTV lower.
Posted on 5/15/19 at 7:23 am to 3morereps
I'm still in the first year of my home. We weren't able to put down much but now that we don't have wedding expenses we are going to start putting down a lot more. Have about 40k in equity, but came in 10k under appraisal so that was nice. Worth about 340, just under 300k in mortgage. 4.75% plus PMI 
Hope to have PMI gone in a couple years.
Hope to have PMI gone in a couple years.This post was edited on 5/15/19 at 7:24 am
Posted on 5/15/19 at 7:34 am to MrJimBeam
With PMI, will you have to refinance when your LTV reaches certain threshold, or can the bank just remove the pmi from existing mortgage?
Posted on 5/15/19 at 7:48 am to kaaj24
That’s me....3.5 and 18 years left on the note. Presently not throwing extra money on it, as I’ve got about $120k equity in a house worth $365kish. Won’t be moving until I downsize into a retirement/old age condo. My extra cash is working hard elsewhere, and mortgage is our only debt.
Posted on 5/15/19 at 7:53 am to 3morereps
They can remove it once we get to 20 percent. Traditional loan.
Posted on 5/15/19 at 8:05 am to MrJimBeam
I just closed on my “forever home” back in December. Have about $200k in equity. Not putting anything significant into mortgage. About to refinance it (already lol) due to rates dropping around 1%.
Any chance it could appraise higher?
Rates are around low 4s now and could get rid of PMI if appraised higher. Or prepay it. Might be worth looking into.
quote:
Have about 40k in equity, but came in 10k under appraisal so that was nice. Worth about 340, just under 300k in mortgage. 4.75% plus PMI
Any chance it could appraise higher?
Rates are around low 4s now and could get rid of PMI if appraised higher. Or prepay it. Might be worth looking into.
Posted on 5/15/19 at 8:08 am to LSUtigerME
quote:
Rates are around low 4s now and could get rid of PMI if appraised higher. Or prepay it. Might be worth looking into.
It's possible, but it was last August so I'm not really sure it's appreciation since then. I'll certainly look into it
Posted on 5/15/19 at 8:36 am to 3morereps
quote:
What are y’all doing in terms of paying off your home? Paying minimum and investing difference? Everything at mortgage?
quote:
Paying minimum and investing difference?
This isn't our forever home. We will probably only stay there until 2023/2024.
We max out my 401k, her 403b, backdoor our Roth IRAs, contribute to her pension, put $3,500/month aside for a big balloon payment to student loans in 2020, pay $2,510/month to student loans (on track to kill by 01/2022), and $3,000/month to a nanny.
I'm ready for these fuggin student loans to be gone so we can max out her 457b too!
So yeah, I'm gonna let my reasonably low mortgage ride.
This post was edited on 5/15/19 at 8:38 am
Posted on 5/15/19 at 8:56 am to 3morereps
I feel like giving an idea of your age would help. We are in the process of moving. No rush for us as we are just trying to get in a really good school district and have until the end of next summer. I'm 33 and although we have the funds to jump into a house, we will be starting with only 20% down again. And with my career, I'll be moving again eventually. Trying to figure out when is a good point to start actually paying down more than 20% on houses and eventually have a house paid for.
Posted on 5/15/19 at 9:06 am to KG6
quote:
And with my career, I'll be moving again eventually
Any idea how soon?
quote:
Trying to figure out when is a good point to start actually paying down more than 20% on houses and eventually have a house paid for.
I think that any time you can put enough down to secure a 15yr. mortgage and feel comfortable with the note, then that is a good starting point.
Posted on 5/15/19 at 9:18 am to 3morereps
Probably $80-90k. I have no intention to pay off the mortgage early, which is at 3.75%
This is only our second home and we will use proceeds on the next house. I’d rather save extra cash elsewhere personally.
To me, it only makes sense to aggressively pay off a house in the later years in life. If you’re younger there are more aggressive ways to grow your money.
This is only our second home and we will use proceeds on the next house. I’d rather save extra cash elsewhere personally.
To me, it only makes sense to aggressively pay off a house in the later years in life. If you’re younger there are more aggressive ways to grow your money.
Posted on 5/15/19 at 9:42 am to 3morereps
Bought in 2017 for 850 owe 725ish Redfin and Zillow say worth 1.09 right now but I think its a bit inflated. 4.5 rate.
I will sell long before it's paid off
I will sell long before it's paid off
Posted on 5/15/19 at 10:23 am to 3morereps
We built our home in 2014. Financed about 30% of the cost to acquire the land and build. We had that on a 15-year note at 3.0%, scheduled to pay off in January 2030. I want it gone by my 50th birthday in 2023, so I calculated the extra principal payments necessary to accomplish that, and that’s what we pay.
Posted on 5/15/19 at 10:36 am to TheWiz
quote:
Any idea how soon?
No way to tell. But when I do move, the company pays all realtor fees, closing costs, etc. Actually usually provides a 3% value of your home as a bonus. So from the "cost of moving" perspective, it's not that big of a deal for us.
quote:
15yr. mortgage and feel comfortable with the note,
I'm still looking at 30 year notes. I know we could definitely afford it at 15 year, but I don't know if I could say I'd be comfortable with it. Really not from a place where we couldn't afford it. Just from a perspective of being stuck with a note that high (~2900 a month in my area when including taxes and insurance). We make good money and I just don't see how so many are dropping that kind of coin on houses.
Posted on 5/15/19 at 10:43 am to 3morereps
Fortunate here, 100% equity. Last payment in 2017
Posted on 5/15/19 at 10:52 am to 3morereps
Have about $100k equity (largely based on self done improvements). Note is about $130k. Interest is 3.75% with ~25 years left. Not our forever home. In a couple years, I plan to purchase a new home and use this one as a rental. I expect it could gross nearly double the current note (that includes insurance and taxes).
Will max 401k and backdoor roths this year for first time (came very close last year). Excess cash will be saved for next house and other investment opportunities.
Will max 401k and backdoor roths this year for first time (came very close last year). Excess cash will be saved for next house and other investment opportunities.
Posted on 5/15/19 at 11:00 am to 3morereps
quote:
How much equity do you have in your home and When do you plan on paying off
about 30-40%. Bought for 275k, was flooded during Harvey and was gutted downstairs. Put in ~100k.
in roughly 28 years or when i sell it and buy another
Posted on 5/15/19 at 11:01 am to 3morereps
quote:
What are y’all doing in terms of paying off your home? Paying minimum and investing difference? Everything at mortgage?
i had to wait until tuition obligations were over, and my company was doing well enough to lump-sum me some money
when that happened i immediately paid mine off even though i only had 6 years left at 2.5%. i realize that savvy investors would advise against that, but i wanted that debt gone...and it feels so, so good
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