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Well paying of mortgages has been difficult ask for every household. Due to which many loaning companies are operating to ease things, whereby providing every assistance with down payment. As every initiative needs to be taken to pay off debt on sooner basis.
Good on you, you've made a plan and are sticking to it! While we, [your northern neighbours] do not get a tax deduction/benefit from mortgage interest, you might add that tax benefit to direct principal payment when you get your refund. We added any 'found money', items no longer used or needed were sold, reductions in auto and house insurance [same coverage] sent to bid by insurance agent instead of paying State Farm's commission, avoiding bank charges [needs a little planning], savings on budgeted items like vacation, utilities, auto operational/maintenance, even dropping change daily in a jar, all added up very quickly.
Interest rates were higher when we paid off our mortgage but the real benefit is the sum that used to go to mortgage principal + interest was re-directed to our investment portfolio. Still pay taxes, insurance and now condo fees but income has increased, expenses are moderate and the procedure continues to keep me aware of where the money goes.
I've a long waaaaaays to go . . 10 years including this year is my target.
Mortgage Principal : $207K
You can do it! Get an Amortization Schedule Calculator to help you determine how much of your monthly payment will go towards the principle and how much will go towards the interest. You can also use this calculator to create a printable amortization table for your loan and to estimate the monthly payments on your mortgage.
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