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re: When does it make sense, mathematically, to accelerate mortgage payments?
Posted on 12/6/23 at 1:31 pm to BestBanker
Posted on 12/6/23 at 1:31 pm to BestBanker
quote:
Math and feelings are 2 different things, bro.
Not always. It is possible to assign values to feelings.
For example, how much would it be worth it to me to have less stress at work? Would I take a $50k pay cut for less stress or maybe just $5k? How much of a pay cut would I take to work 3 days per week? How much of a raise would I need make me work in in an office 5 days a week?
That similar process/mentality can be applied to the mortgage situation. Mortgage payments are some level of stress for everyone. Each person can decide if that is a big value or small value and analyze accordingly.
1
Posted on 12/6/23 at 2:23 pm to notsince98
quote:I guess. But one has to pay for housing, one way or another. In your scenario. you didn't mention the stress of retiring (or becoming disabled) with potentially far less in retirement savings due to the fact that so much present-day cash was plowed into home equity.
For example, how much would it be worth it to me to have less stress at work? Would I take a $50k pay cut for less stress or maybe just $5k? How much of a pay cut would I take to work 3 days per week? How much of a raise would I need make me work in in an office 5 days a week?
That similar process/mentality can be applied to the mortgage situation. Mortgage payments are some level of stress for everyone. Each person can decide if that is a big value or small value and analyze accordingly.
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