I can't stand my mortgage

[LivingAlmostLarge]

They say an extra payment a year cuts a 30 year mortgage down to 23 years so 7 years savings. Extra payment is basically biweekly instead of monthly.

[james.hendrickson]

While we are on the topic of debt reduction one important factor to consider is what keeps you psychologically motivated. In order for the debt payoff to be successful you need to be psychologically engaged in the process.

If not, its best to just set up auto-payments which pay some additional principle by a slight amount or make an additional payments towards the principle once per year.

[corn18]

While we are on the topic of debt reduction one important factor to consider is what keeps you psychologically motivated. In order for the debt payoff to be successful you need to be psychologically engaged in the process.

If not, its best to just set up auto-payments which pay some additional principle by a slight amount or make an additional payments towards the principle once per year.

That's what I ended up doing. Just added $500 / mo to the payment. Set and forget. I may put an extra $25k a year from my bonus just to keep things moving, but not the huge amounts I was thinking about.

Tom

[Jluke]

While we are on the topic of debt reduction one important factor to consider is what keeps you psychologically motivated. In order for the debt payoff to be successful you need to be psychologically engaged in the process.

I just got tired of updating and staring at the amortization schedule for my mortgage.. luckily I had the cash on hand and had been aggressive throughout the 10 year payoff so the balance was low, but really knocked it out in under 3 years.


Smart move?? - not going to go there

[Outdoorsygal]

Sell and move off grid. Get rid of the majority of your utility bills by installing your own solar panels w/batteries and drill a well.
Get some chickens and grow your own food