tag:blogger.com,1999:blog-14245531.post4951975351769808463..comments2023-11-18T01:21:55.631-05:00Comments on My Open Wallet: Extra Mortgage PaymentMadame Xhttp://www.blogger.com/profile/11536189690094235926noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-14245531.post-41664962038345129272009-09-30T12:49:08.042-04:002009-09-30T12:49:08.042-04:00I completely agree with everyone else it seems...i...I completely agree with everyone else it seems...if we had extra cash, I'd be paying off our house even faster. I'm sure you already thought about it, but we overpay our mortgage every month, which is shaving off almost 4 years of our 15 year mortgage!Crystalnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-50421974340099312932009-05-03T08:17:00.000-04:002009-05-03T08:17:00.000-04:00Well, I guess I AM like Frugal Zeitgeist, since I ...Well, I guess I AM like Frugal Zeitgeist, since I paid off my mortgage 4-5 years ago. I started by putting a little extra towards the mortgage; this was so motivating, that I kept adding to it. This move really went against the common wisdom then, but I considered it my "bond" portfolio.<br /><br />Notice that no one who's done it regrets the decision.Frugal Scholarhttps://www.blogger.com/profile/12696815672500452503noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-90395709686426488482009-05-01T09:14:00.000-04:002009-05-01T09:14:00.000-04:00While I don't know if paying off a mortgage down q...While I don't know if paying off a mortgage down quickly is the smartest investment, I do know that it's something that I would like to do! I dream about living with no housing payment...awesome!SavingDivahttps://www.blogger.com/profile/10267021491907810696noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-16149782599108091482009-04-30T14:32:00.000-04:002009-04-30T14:32:00.000-04:00Let's say you pay $2k extra every month, how long ...Let's say you pay $2k extra every month, how long before your mortgage-free!<br /><br />I agree with your decision to pay it off early...Tampaitenoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-9449102251907271472009-04-30T14:23:00.000-04:002009-04-30T14:23:00.000-04:00I say pay it off early. Not having a house paymen...I say pay it off early. Not having a house payment, and the freedom that will bring, is worth more than any extra interest you'd earn from doing something else with he money.Coupon Artisthttp://www.artofthecoupon.comnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-45932025474871010772009-04-30T14:13:00.000-04:002009-04-30T14:13:00.000-04:00Ha! Congrats on your extra payment, and thank you...Ha! Congrats on your extra payment, and thank you! <br /><br />I don't know whether being like me is a good thing or not (I think it's something of a scary prospect), but I can tell you this: Many people were very, very critical of my decision to pay off my home instead of investing my extra cash, but with two years at 6.25% and four and a half at 5.125% between 2002 and 2008, the return on paying off my mortgage early was <I>far</I> higher than what I would have gotten in the stock market, where my portfolio dropped nearly 40% in the last year. <br /><br />Finances aside, the peace of mind that comes from owning my home free and clear is like nothing I've ever known. In these scary economic times, that's nothing to sneeze at. <br /><br />That's not to say that early payoff is right for everyone, but it definitely was right for me.frugal zeitgeisthttps://www.blogger.com/profile/17804781758510341558noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-15455536864620396232009-04-30T13:49:00.000-04:002009-04-30T13:49:00.000-04:00@escapebrooklyn, I have toyed with the idea of ref...@escapebrooklyn, I have toyed with the idea of refinancing but haven't looked into it seriously... yet!<br /><br />@simplesimon, no, my monthly payment won't change. The total number of payments over the life of the loan will decrease, and I'll end up paying a bit less in total interest in the long run.Madame Xhttps://www.blogger.com/profile/11536189690094235926noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-78828072432634884242009-04-30T13:07:00.000-04:002009-04-30T13:07:00.000-04:00I don't have a mortgage so I don't know what anyth...I don't have a mortgage so I don't know what anything looks like, but does your mortgage payment decrease next month after you put $2,000 towards principal?simplesimonnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-51499775404268566852009-04-30T12:24:00.000-04:002009-04-30T12:24:00.000-04:00I think your plan is sound, and I want to be like ...I think your plan is sound, and I want to be like Frugal Zeitgeist, too!<br /><br />My goal now is to buy a condo in a couple years and pay it off in 15. sooner, if I can.<br />The idea of no mortgage payment is very attractive!MtnMamahttps://www.blogger.com/profile/08486102684101822999noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-21287527439433000322009-04-30T10:44:00.000-04:002009-04-30T10:44:00.000-04:00The old saying: "A bird in the hand is worth two i...The old saying: "A bird in the hand is worth two in the bush."<br /><br />I don't think anyone can ever say that paying off your mortgage early is foolish. It might not get you your best or ideal return on your money, but it is still a solid return and might even provide a larger return for your mental well being.Chad @ Sentient Moneyhttp://www.sentientmoney.comnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-2312537312527529782009-04-30T10:22:00.000-04:002009-04-30T10:22:00.000-04:00Last September I stopped contributing to my 401k a...Last September I stopped contributing to my 401k and started putting that money towards my house payment for the same reason. I have a 5.85 interest rate and my money market pays half that. I renewed my 401k contribution in January and will stop when I reach the company match limit. Had I employed this strategy from day one, I would no longer have a mortgage and I could be putting more in the market while it's low. I thought about re-financing, but with the cost of closing, I will have the house paid off before the lower interest rate pays for itself.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-71235912312930028582009-04-30T09:46:00.000-04:002009-04-30T09:46:00.000-04:00I want to be like Frugal Zeitgeist, too! I'm alre...I want to be like Frugal Zeitgeist, too! I'm already calculating how much extra I'd have to pay towards my mortgage to pay it off in 15 years instead of 30, and hope to do that once I move.<br /><br />Have you considered refinancing? I know a few folks who are getting mid-4% interest rates these days. Their monthly payments dropped a couple of hundred dollars! Not sure if it would be worth it for you or not but couldn't hurt to inquire.Escape Brooklynhttps://www.blogger.com/profile/02619558338660997233noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-11723914738255067232009-04-30T09:32:00.000-04:002009-04-30T09:32:00.000-04:00It make sense to pay off your mortgage as interest...It make sense to pay off your mortgage as interest rates for saving accounts are so poor at the minute you are better off doing what you are, as you will always have to pay your mortgage off reducing your long term debt is smart. I work from home and have had the opportunity to reduce costs and pay my mortgage off quicker to cut costs in the long run.samhttp://www.makemoneyhome.co.uknoreply@blogger.com