jws1300
jws1300 OP t1_j6ht9sk wrote
Reply to comment by AgeLower1081 in Pay down on house or keep in savings? by jws1300
I’ll probably maintain. I’ve shaved a decade off the loan paying extra and decreased interest by over 30k already.
jws1300 OP t1_j6ht1dv wrote
Reply to comment by FormsForInformation in Pay down on house or keep in savings? by jws1300
Guess people forget with a mortgage paid off I would have $1500 /mo immediately going into savings again and whatever interest I was paying would be null.
jws1300 OP t1_j6fycrr wrote
Reply to comment by 4192gym in Pay down on house or keep in savings? by jws1300
Do you mean playing the stock market or investing in stocks in a different way?
jws1300 OP t1_j6fgj0r wrote
Reply to comment by YankeesJunkie in Pay down on house or keep in savings? by jws1300
But the extra principal does decrease the interest, even though there’s not a ton of interest remaining?
jws1300 OP t1_j6e2run wrote
Reply to comment by Comprehensive-Tea-69 in Pay down on house or keep in savings? by jws1300
Good point. I'm a single father so just one income. I want to have no debt asap so if I did lose my job I wouldnt be scurrying to get income.
Once the mortgage is paid off the only expenses would be the normal life expenses (water, food, electricity, etc).
jws1300 OP t1_j6e0ipf wrote
Reply to comment by CookieAdventure in Pay down on house or keep in savings? by jws1300
Thanks. Just making sure I wasnt missing something obvious. I just have a big desire to pay the mortgage off ASAP even though the interest isnt that great anymore.
jws1300 OP t1_j6e0e3k wrote
Reply to comment by LordOfTheStrings8 in Pay down on house or keep in savings? by jws1300
Depends on if that debt was higher interest than what savings was pulling... Which answers my original OP question - I just didnt know if there was anything crafty these days to give me an even better position that I was missing.
jws1300 OP t1_j6dzp0y wrote
Reply to comment by Comprehensive-Tea-69 in Pay down on house or keep in savings? by jws1300
I think its important to have some liquidity laying around don't get me wrong - but I think for someone with stable income, good credit, ability to borrow from family in a sticky situation, and liquid assets that could be sold, etc, emergency money isn't that important.
jws1300 OP t1_j6dyasl wrote
Reply to comment by AustinLostIn in Pay down on house or keep in savings? by jws1300
I guess I'd have to see examples of "emergencies". I have insurance for my home and everything in it, same for vehicles, same for health. With an 820 credit score, what can you not get with 0% financing in an "emergency"? I don't condone financing things but in an emergency I don't see a reason not to.
jws1300 OP t1_j6dxhec wrote
Reply to comment by Bad_DNA in Pay down on house or keep in savings? by jws1300
I'm 44 yrs old, biggest emergency I've had was a $8k air conditioner / furnace and I didnt even use cash because its at 0% interest.
jws1300 OP t1_j6dtpmb wrote
Reply to comment by WithinN0rmalLimits in Pay down on house or keep in savings? by jws1300
True. And I think the 10k is a good rule of thumb.
jws1300 OP t1_j6dssty wrote
Reply to comment by nails_for_breakfast in Pay down on house or keep in savings? by jws1300
I guess I shouldnt say I dont need it, theres always a chance. If I need a couple grand I can reach out to the folks or something.
*this would be an extreme emergency btw
Submitted by jws1300 t3_10oathi in personalfinance
jws1300 OP t1_j6hxrsk wrote
Reply to comment by FormsForInformation in Pay down on house or keep in savings? by jws1300
No, that would be illegal