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Posted on 6/17/22 at 12:40 pm to MusclesofBrussels
His threads are usually a veiled way of saying hey look I have money. Then he never responds in the thread. Rinse and repeat 
Posted on 6/17/22 at 12:42 pm to shutterspeed
quote:
People who spout this kind of stuff are too clever by half.
Lol. If you say so. Fear of good debt is a poor man’s mindset.
Posted on 6/17/22 at 12:45 pm to The Third Leg
quote:
Lol. If you say so. Fear of good debt is a poor man’s mindset.
No debt > "good" debt
Dude just freed up $1000-$3000 of discretionary money a month. Plus, there's just something beyond a ledger about getting such a massive monkey off one's back.
Posted on 6/17/22 at 12:48 pm to BabyTac
kudos. i hate you
Posted on 6/17/22 at 12:48 pm to BigWillyMetry
quote:
The math says if you had 300k in an account earning 8% avg for 20 years it would be worth $1.4mm. Take out 4% for inflation annual (conservative vs usual 2%) and you would have $660k.
That math only works if you are dropping that $300k today to pay off the final 20 years. If OP, was doubling his mortgage and paid his house off in 15 years instead of 30 years, you would need to change the math.
Also, you would need to back out any interest saved from the interest earned in the investment to get a true comparison.
He 100% would be better off financially from investing and paying minimum; just saying the math is different and would not be as extreme
Edit: Did some rough calculations and assuming a $300k mortgage at 3.25% and an 8% return on investment.
If you make minimum payments and invest $810/month at 8%, after 30 years you would have an investment account at $1.2M
But, if you apply that $810 to the mortgage, you decrease your mortgage by 15 years saving ~$91k in interest. And to keep things consistent, you would then invest your mortgage payment & the extra $810 for the next 15 years, you're nest egg would be $730k.
All in all, you're leaving $385k on the table for cash flow peace of mind. Definitely financially better to pay minimum and invest, but not as extreme as laid out
This post was edited on 6/17/22 at 2:20 pm
Posted on 6/17/22 at 12:49 pm to BabyTac
Less than 1 year. Counting the days.
Posted on 6/17/22 at 12:51 pm to BabyTac
quote:
Some say it’s not the most financially savvy thing considering my interest rate was 3.5%
And those people are 100% correct.
Posted on 6/17/22 at 12:55 pm to BabyTac
Congrats! It's a big milestone.
I still have 16 years left and owe $155K on the house. The only thing that feels good is that Zillow estimates my home is worth $470K.
I still have 16 years left and owe $155K on the house. The only thing that feels good is that Zillow estimates my home is worth $470K.
Posted on 6/17/22 at 12:57 pm to TigerstuckinMS
OP implied he paid off a low interest mortgage early.
Posted on 6/17/22 at 1:01 pm to Tortious
quote:
My brother recently did the same thing. He said it decreased his credit rating Doesn't surprise me at all with how that bullshite system works.
My favorite thing hearing about people in that situation is that. If they had no outstanding/open credit accounts, it is hard to do somethings like buy a car because they push financing so much.
Think of going to a car dealer with 20 or 30k cash in hand or available in checking and they still want to pull your credit and sell you financing even though you are paying cash. And then, they tell you that you cannot finance due to not having enough credit.
Posted on 6/17/22 at 1:02 pm to BabyTac
Congrats...
Posted on 6/17/22 at 1:05 pm to terd ferguson
quote:
Where the paid off home mortgage has taken the place of the BMW as the status symbol of choice
Yeah I tape the cancelled mortgage to the back window of my Hyndai and the women just follow me home
Posted on 6/17/22 at 1:06 pm to BabyTac
Even though you "own" your house, you still don't own it...
You just rent it form the state...
Great milestone,
You just rent it form the state...
Great milestone,
This post was edited on 6/17/22 at 1:08 pm
Posted on 6/17/22 at 1:06 pm to Jim Rockford
Paid off my car recently and my credit score took it in the balls. What a weird system
Posted on 6/17/22 at 1:07 pm to Langland
quote:
My brother recently did the same thing. He said it decreased his credit rating.
Fuk the credit agencies. His house is paid off.
Posted on 6/17/22 at 1:10 pm to Shexter
quote:
I'm at the point where if everything goes to hell, I can make a little over $200k from selling my house. That would give me enough to pay cash for some land and a double wide in Livingston Parish.
This is hilarious. Nice to know I could have the same backup plan.
Posted on 6/17/22 at 1:13 pm to BabyTac
quote:
Pretty bad arse feeling. Zero debt. Sorry for the brag, but on cloud 9.
Paid mine off after Katrina. I got the money from the insurance company to repair my house and did all the work myself except the electrical that needed to be done. Had enough money left over to pay off the mortgage and did that in early 06.
All I have every month are normal monthly living expenses, no vehicle debt and don't have credit card debt since I cut them up 20 years ago.
Great feeling when I see so many of my peers drowning in monthly debt trying to keep up with the Joneses.
Posted on 6/17/22 at 1:13 pm to shutterspeed
quote:
No debt > "good" debt Dude just freed up $1000-$3000 of discretionary money a month. Plus, there's just something beyond a ledger about getting such a massive monkey off one's back.
Financially this is a terrible mindset.
Posted on 6/17/22 at 1:14 pm to BabyTac
How many calls have you got from folks asking you if you're interested in selling your property lately? If you haven't been getting four of five of these calls a day then you should prepare yourself for them.
Congrat's on full and free home ownership!
Congrat's on full and free home ownership!
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