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re: What percent of your Net Income goes to your mortgage?
Posted on 5/8/19 at 6:44 pm to Areddishfish
Posted on 5/8/19 at 6:44 pm to Areddishfish
frick that guy
2
Posted on 5/8/19 at 6:52 pm to wasteland
20% of take home on a 15 year note
Posted on 5/8/19 at 6:53 pm to wasteland
Zero. Paid it off in Jan 07. I was about 35. What a feeling.
Focused on it like a laser. People talk about how you should invest your money instead of paying down your mortgage. Dave Ramsey changed my mind. He asked: "if you had your house paid off, would you take out a loan on it and invest it?"
My answer was no. So I focused on it. Dropped my 401k to my employer match, and put every bonus toward it.
Now the cash flow is a lot better. And I can't imagine a 1k to 2k mortgage payment.
Focused on it like a laser. People talk about how you should invest your money instead of paying down your mortgage. Dave Ramsey changed my mind. He asked: "if you had your house paid off, would you take out a loan on it and invest it?"
My answer was no. So I focused on it. Dropped my 401k to my employer match, and put every bonus toward it.
Now the cash flow is a lot better. And I can't imagine a 1k to 2k mortgage payment.
Posted on 5/8/19 at 6:58 pm to Not Cooper
~15%
Posted on 5/8/19 at 7:00 pm to Not Cooper
80%
Posted on 5/8/19 at 7:32 pm to Not Cooper
About 33%
In a month, about 18% (getting married)
In a month, about 18% (getting married)
Posted on 5/8/19 at 7:42 pm to Grievous Angel
quote:please tell me you didn’t have a sub 4 rate
Focused on it like a laser. People talk about how you should invest your money instead of paying down your mortgage. Dave Ramsey changed my mind. He asked: "if you had your house paid off, would you take out a loan on it and invest it?"
Posted on 5/8/19 at 7:47 pm to Not Cooper
quote:
What percent of your Net Income goes to your mortgage?
Zero, paid off!
Posted on 5/8/19 at 7:52 pm to Not Cooper
30something% of what I bring home. I think 38ish last time i checked
Posted on 5/8/19 at 7:59 pm to Grievous Angel
quote:
Zero. Paid it off in Jan 07. I was about 35. What a feeling.
Focused on it like a laser. People talk about how you should invest your money instead of paying down your mortgage. Dave Ramsey changed my mind. He asked: "if you had your house paid off, would you take out a loan on it and invest it?"
My answer was no. So I focused on it. Dropped my 401k to my employer match, and put every bonus toward it.
Now the cash flow is a lot better. And I can't imagine a 1k to 2k mortgage payment.
Quick mafs:
400k mortgage at today's rates costs 733k over the life of the loan.
400k invested in an S&P tracking index fund would yield 6,979,760.91 assuming a 10% annualized interest rate, which is based on the previous 30 years.
So......yea....don't forsake investments for paying off your house early.
This post was edited on 5/8/19 at 8:00 pm
Posted on 5/8/19 at 8:07 pm to Not Cooper
0.00%
Posted on 5/8/19 at 8:08 pm to Not Cooper
21% for me
Posted on 5/8/19 at 8:08 pm to aTmTexas Dillo
quote:
Zero, paid off!
I have to confess I'm a little older and retired.
Posted on 5/8/19 at 8:12 pm to Grievous Angel
When I got my 15 year 2 1/2 years ago the rate was 2.5%
I’m glad you’re mortgage free but geez Louise
I’m glad you’re mortgage free but geez Louise
Posted on 5/8/19 at 8:18 pm to Not Cooper
8% of my net income.
Posted on 5/8/19 at 8:21 pm to Not Cooper
25% mortgage/rent
25% bills and groceries
20% miscellaneous/ fun shite
30% savings
I'm a resident now so only making ~70K. I'm thinking once i'm an attending those percentages will change, with a much higher percent going to savings/investments.
25% bills and groceries
20% miscellaneous/ fun shite
30% savings
I'm a resident now so only making ~70K. I'm thinking once i'm an attending those percentages will change, with a much higher percent going to savings/investments.
This post was edited on 5/8/19 at 8:26 pm
Posted on 5/8/19 at 8:32 pm to Grievous Angel
Sure, that's the painless and on the surface seemingly easy way to do it.
But let's do some math.
200,000 loan @ 4%, 20 year payoff : total paid: $440,000.
pay cash, immediate "savings" of $240,000 over 20 years.
But, instead invest that $200,000 along with paying off mortgage:
Assume 8% ROR on investments.
$200,000 invested in 20 years will be worth $930,000 - 440,000 for loan = net gain of nearly half million.
So, just keep doing what you want, it's ok with me.
But let's do some math.
200,000 loan @ 4%, 20 year payoff : total paid: $440,000.
pay cash, immediate "savings" of $240,000 over 20 years.
But, instead invest that $200,000 along with paying off mortgage:
Assume 8% ROR on investments.
$200,000 invested in 20 years will be worth $930,000 - 440,000 for loan = net gain of nearly half million.
So, just keep doing what you want, it's ok with me.
Posted on 5/8/19 at 8:33 pm to Not Cooper
Roughly 25%
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