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ОтветитьGreat Vedio with examples . This is something I have been looking for !
ОтветитьMost people will max out what they get approved for. We purchased a home half the value of what we were approved for on a 15 year fixed loan. We then paid it off in 7 years before we were 40. One thing that does for you is it allows you to live your life stress free. If you have a slow work year, or something like "a pandemic" occurs, you barely notice or care. You just adjust your spending. When you have good years, your bank account and investments fill up fast! You can take real vacations without worrying if you'll have enough left over for rent or your house payment next month.
ОтветитьMy mom bought her first house last year she plans to pay it off in about 8yrs so she can try and pay off another before she retires. She is only 52 so she has a little time. She makes over 180 a year being an RN so her job is pretty secure. She has worked with the same company for 19yrs now. From CNA to RN with them lol. Her pay is extra high because of how long she has been. She also actually enjoys her job although it can be very stressful, I feel like all these new nurses don't even care for people anymore just want money. She plans to pay an extra 35k every year. She doesn't have a lot of bills so she gets to save a bunch of her money. We set aside 52k each year for investments and money towards the principal of the house.
Ответить👍💯
ОтветитьThank you🎉🎉🎉
ОтветитьAre be like $250000x7percent is not zthem Trix you get yhem rich you get that you money bank so fuc,$ banks i pay cash not get it
ОтветитьI think banks have fix away to rip you off the way they do it that why they wont to buy home are inters x months . Not all that shi$
ОтветитьDon't be born in the 2000ies.
ОтветитьThank you so much for this!
We are refinancing our land loan right now and unfortunately, it is 9% !! Loan amount is 260,000 and I just found out over 20 years I’ll have paid $600,000 for $260,000 loan!!
Just amazes me how crooked these banks can be.
I'm blessed, $30K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America. ❤️❤️❤️
ОтветитьA lot of comments about net worth on the thread. Why would you pay your mortgage off early if your goal is to increase net worth? The smarter move would be to borrow money against your primary residence (its the cheapest money you can find, and is an income tax deduction) and make it work for you. Invest in a business, buy another asset or another rental home that is appreciating over time, + the tenants are paying the loan off for you, + you're realizing a monthly "profit" on the rent vs mortgage. 15 years later come back and compare your net worth to your scenario of simply paying your mortgage off and there isn't a comparison. Paying your loan off early? why don't you just dig a hole and bury your money in your backyard because its essentially the same thing.
ОтветитьThen you pay property taxes forever, so you own nothing if you pay rent every month
ОтветитьReally Good Video! Thanks
ОтветитьThank-you....this video has helped us immensely
ОтветитьOne thing I have never understood is why we are so quick to reduce our own liquidity with mortgages? I'm not anti paying off your mortgage early, but I think there is a better more effective way to do it for yourself. Why would you not take the extra money you are putting into the mortgage and put it into a high yield savings account? You can start to earn interest yourself with the money and you have access to the money if an emergency arises. This seems like a better setup than taking out a HELOC in the future if you need access to that equity? You might end up paying slightly more, but you can always lump sum your mortgage in the future with these extra "payments" as the main foundation.
ОтветитьGreat explanation video. We send a bit extra on our 15yr loan and have shaved time off our loan. By your chart it looks like if the interest is low you don’t gain much by doing bi-weekly compared to a higher interest where it seems to benefit a lot more.
ОтветитьSuch a nice and clearly explained video. I wish I had known this in 2016 when I bought my house, but instead of practical economics, schools teach us algebra and parabolas I will never have any use for... Once I read about practical economy in 2020 (thanks for the extra free time, pandemic!) I realized my error, and started to dump any extra money into my mortgage. Result? I'll finish my 30 year loan in the next couple years (so, paid off in 10 years) and will save 60K+ of interest. I hope more people see videos like yours and start paying extra principal in the early years, when it's most effective.
Ответитьthis is eye opening ! so glad you made this video ! I have so many questions :)
ОтветитьI've been doing this,it works!
Thank you for sharing.
I'm 8 years into my mortgage, never giving them an extra cent. My investments made more than triple, almost the amount I would've pain in interest in that time period.
ОтветитьWhile this is accurate, one thing missing here is the effect of inflation (and I don't blame people who make these videos, it gets really ugly to factor in inflation)
The dollars at the start of the mortgage term are NOT the same as the dollars at the end of the mortgage term
🌹I'm 55 years and I retired at 51. I was able to do this because I understand four pricinciples of financial planning success think long term with goals and investing, spend less than you earn maintain liquidity (an emergency savings) minimize the use of debt
Ответить👍👍👍👍👍👍👍
ОтветитьMy payment was $2415 month. We would pay an extra $500 a month towards the principal. We currently just refinanced to get a lower interest rate and to get off of PMI. Our new monthly payment is $2915 a month. We plan on still paying $3700 a month but are now going to do bi-monthly payments.
Ответитьok now what is better? A 30 year mortgage with payments of $1000 and paying an extra $100/mo off the principle or just getting paying $1100 per month off the bat at whatever amortization that comes to?? aka is it better to have a longer term with extra payments or a shorter term with higher payments?
ОтветитьYeah but nothing that you buy in America is really yours at the end of the day when you paid off the house you still have to pay property tax to the government which if you do not pay they will take back their land and auction off your home to the highest bidder which will be a quarter of what you paid and the world turns and people are born and people will die and no one will care about you except the one who created you and you've been distracted by The whispers of Satan
ОтветитьI miss the post Pandemic Mortgage rates, those were good times ! The market correction has been massive and with the impending recession it seems like things are only going to get worse.
ОтветитьIs the extra $100 you pay a separate payment from your monthly payment or just added in?
ОтветитьMy mortgage is under 4% interest and I am getting almost 5% in my savings account risk free. Why in the world would I throw away money paying off my mortgage early? Nonsense.
ОтветитьIf your interest rate is 4% or less, then you shouldn't be paying off early as you can earn more by investing. Quite bad that the video didn't mention this
ОтветитьJust pay to principle every month. Principle only . Seperate payment from your payment
ОтветитьNice , I’m paying mine 9 years late lol
ОтветитьCant make extra payments when cant even afford the mortgage
ОтветитьSometimes when you're in a marriage you can't always control everything that happens unfortunately now I am single and I have control over my money so who all here is proud to say they knew most of this and appreciate the information? I have money owed on a home equity and I've been paying on it several years, 18 years term and I need to figure out how quickly I can pay it off. I'm going to play with an amortization schedule and do that exercise
ОтветитьWe bought at a low price and at a low rate. Been paying extra on my principal every month since we bought.
ОтветитьI think it’s depends, cd rate is 5 and mortgage is 2.825 so no brainer I put extra cash to CD
ОтветитьYou don’t have property taxes into the mortgage payments…
ОтветитьI paid my mortgage off in 8 yrs on a 30 yr. I just worked 2 full time jobs. Most Americans are lazy as hell.
ОтветитьShould be able to pay of ur house in less then 10 years ??
ОтветитьI'm 42 with $300k in my 401k and a stock and crypto portfolio worth a combined $850k. I started investing just 2 years ago after working for 15years and having just short of 70k in savings. I'm still with the same company but my decision to invest has made the difference for me and my family. Investing is your best friend. The sooner you start, the better off you are.
ОтветитьCould a good argument be made that in an inflationary economy, debt is worth the load? The alternative to making an extra $100 a month payment to my home loan, I elect to invest that $100 into an account that returns at a higher rate than my home loan rate, thus translating into a net positive at the end of the loan?
ОтветитьTry to get a mortgage less than 30 years, 15, 20, or 25 if available. Your interest rate would be lower than getting a 30 year mortgage and pay off in 15, 20, or 25 years.
ОтветитьMortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time 2022, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
ОтветитьAnother tip - use offset account to reduce interest amount on the loan.
ОтветитьWhy do you need do trial and error? PMT function in Excel will give the repayment amount to settle the loan over the loan term.
ОтветитьMy husband and I were fortunate enough to be able to pay off our mortgage early. We were both still working, and took the payment amount that we had been using to pay off our mortgage faster and we put it straight into investments. We were able to retire early because of almost 7 years of putting away what would have been our mortgage payment as well as maxing out our 401K/403B plans. Thankfully we were taught by both of our parents the value of living within our means. Thank you for your advice. I know it will help people.
we are interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
What a great idea and explanation.
ОтветитьIf rely on your interest for tax purposes, you may want to reconsider paying off mortgage early.
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