How much is your mortgage payment (principal and interest only)?

[disneysteve]

my taxes keep going up every year even though we have lost a lot of value. We are paying almost 50% more than when we moved in 8 years ago, and the value of our home has dropped $100,000.

The only way to combat that would be to request a new appraisal. That might help some but it still doesn't solve the problem of the tax rate going up each year. Our taxes are more than 100% higher than when we moved in even though the appraised value of the house didn't change until just recently when there was a town-wide reappraisal. So for 20 years, our appraisal was exactly the same but the tax rate kept rising.

[Joan.of.the.Arch]

If you could bump your retirement up a couple $ grand you'd be all set. What are you going to do when you retire ? Eat a lot of Cheetos and watch Price is Right?

What's this? Are you making fun of his hopes to retire?
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I think greenskeeper's idea to add loan origination date and location would make this thread more interesting. I'll go back and add to mine.
Oops, can't add to my first message beyond 24 hours after posting it. So, I'll let it slide.

[disneysteve]

What are you going to do when you retire ? Eat a lot of Cheetos and watch Price is Right?

What's this? Are you making fun of his hopes to retire?

I was wondering the same thing. What was your point, TexasHusker? Are you opposed to retirement for some reason?

[corn18]

If you could bump your retirement up a couple $ grand you'd be all set. What are you going to do when you retire ? Eat a lot of Cheetos and watch Price is Right?

I'm going to save as many animals as I can. Not sure what that looks like right now, but I have a few years to figure it out.

[TexasHusker]

I was wondering the same thing. What was your point, TexasHusker? Are you opposed to retirement for some reason?

Heck no - I was just curious if Tom would at least be doing something in retirement that generates income sufficient to make a mortgage payment. Hard to imagine someone going straight from a career to having to live solely on investments unless one was very old. However, if Tom is going to do strictly volunteer work, that makes the mortgage a bigger issue.

[Joan.of.the.Arch]

Heck no - I was just curious if Tom would at least be doing something in retirement that generates income sufficient to make a mortgage payment. Hard to imagine someone going straight from a career to having to live solely on investments unless one was very old. However, if Tom is going to do strictly volunteer work, that makes the mortgage a bigger issue.

Having to live solely on investments? Don't you mean getting to live on investments? The former sounds negative to me; the latter sounds positive.

He has already figured in the need to pay his mortgage.

[corn18]

Heck no - I was just curious if Tom would at least be doing something in retirement that generates income sufficient to make a mortgage payment. Hard to imagine someone going straight from a career to having to live solely on investments unless one was very old. However, if Tom is going to do strictly volunteer work, that makes the mortgage a bigger issue.

I don't think I can ever stop doing something meaningful. Whether I get paid for it or not depends on how well my plan works out. The goal is to not NEED to get paid. If I do, that's just more inheritance for the kids.

[TexasHusker]

The challenging thing is, mortgage payment or not, we all need to get paid from something. Once your nest egg is amassed, how is it going to produce consistent income for you ?

[disneysteve]

Once your nest egg is amassed, how is it going to produce consistent income for you ?

Certainly. There are a couple of big pieces to that. For qualified retirement plans (401k, 403b, Traditional IRA) there are required annual distributions (beginning at 70.5 if you haven't started them before that.

Another piece is Social Security.

Another piece is a pension if you have one.

Another piece is changing from reinvesting interest and dividends as you typically do during the accumulation phase and having those distributions paid to you instead.

For example, I just checked my Vanguard IRA account (one of several accounts I have). In 2015, it paid out just over $13,500 in distributions. I reinvested it all but in retirement, that would be what funds my withdrawals, and by the time I'm retired, the annual amount should be far more than 13K. Add that to my other accounts, both retirement and taxable, and add SS, and that's where my income will come from.

[TexasHusker]

If you've been a high earner much of your career, social security alone will cover a pretty fat mortgage payment !


But don't tell Obama he might try to take it away!

[parafly]

$1102 for P+I, 30 Year Fixed

[Drake3287]

$0.00 after paying off our 15 year mortgage. The prior loan was $1,128.00 a month at $4.75%.

Living in California, our mortgage was most likely higher then most peoples.

[Nutria]

I'm going to save as many animals as I can. Not sure what that looks like right now, but I have a few years to figure it out.

Save them in the freezer so that you have meat when it's not deer season??

[TexasHusker]

I love animals. They're delicious.

[Nika]

Mortgage + monthly maintenance= $3,200+ for 1,000 sf co-op in Bronx. That's with a very hefty down payment of almost 200K and excellent credit.

But that includes no additional maintenance expenses, taxes, utilities, and full service building amenities.