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re: Do you pay extra on your Mortgage every month?
Posted on 9/24/18 at 9:00 pm to Brobocop
Posted on 9/24/18 at 9:00 pm to Brobocop
I do not, and it's highly unlikely I ever will.
My rate is 3.25% for 30 years after refinancing a few years ago at almost the bottom rate possible. I itemize deductions on top of that, which takes the after-tax rate to very close to inflation so the ROI for an early payment is close to zero.
FWIW, the size of the monthly payment is only a short-term consideration. The interest rate after inflation and taxes shows the long-term cost, and if you get that down close to zero you're doing well.
My rate is 3.25% for 30 years after refinancing a few years ago at almost the bottom rate possible. I itemize deductions on top of that, which takes the after-tax rate to very close to inflation so the ROI for an early payment is close to zero.
FWIW, the size of the monthly payment is only a short-term consideration. The interest rate after inflation and taxes shows the long-term cost, and if you get that down close to zero you're doing well.
1
Posted on 9/25/18 at 7:31 am to foshizzle
quote:
FWIW, the size of the monthly payment is only a short-term consideration. The interest rate after inflation and taxes shows the long-term cost, and if you get that down close to zero you're doing well.
Right
You have to consider that if you're in year 5 of a 30 year mortgage the payments might seem like a pain but in year 25 those payments will seem like a car note.
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