Re: Looking for opinions on paying down mortgage - Saab General Bulletin Board - Saabnet.com
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This thread inspired me to look into my own mortgage. I'm 8.5 years into a 15 year fixed at 3%. I called my finance guy and asked if he could recommend any mortgage folks, and gave him the relevant numbers. One mortgage person answered back that based on my situation, I should stay put. Another person said there may be a way to save, let's talk.
I wanted to look at 2 scenarios (both sides of the same coin?):
- Pay the same monthly amount but finish earlier.
- Finish at the same time as my current loan with less payment per month.
Turns out that in my situation, the closing costs rolled into a new loan would wash out the rate savings. In the end I'd pay the same and end the same time. So I'm staying put. But it was nice to go through the exercise and crunch details of the numbers to know for sure.
In doing all of this I discovered the neat mortgage calculator in the link below. It lets you play with extra payments and shows how much time you can shave off with a current mortgage.
It will be a glorious day owning a house free and clear in summer 2027.
Mortgage Payoff Calculator with Early Payment Option
Posts in this Thread:
- Looking for opinions on paying down mortgage, Sam, Tue, 2 Feb 2021 08:42:41
- Re: Looking for opinions on paying down mortgage, DaveofFairfax , Thu, 11 Feb 2021 14:27:20
- Re: Looking for opinions on paying down mortgage, Randy Thatcher , Thu, 11 Feb 2021 13:40:15 <-- Viewing This Message1
- Re: Looking for opinions on paying down mortgage, Notnoel , Thu, 11 Feb 2021 10:13:572
- Re: Looking for opinions on paying down mortgage, Cary, Wed, 10 Feb 2021 16:03:18
- Re: Looking for opinions on paying down mortgage, Roger_S , Wed, 3 Feb 2021 10:50:00
- Thanks! Appreciate the input. n/m, Sam, Tue, 2 Feb 2021 16:23:11
- Re: Looking for opinions on paying down mortgage, Scott Paterson , Tue, 2 Feb 2021 11:37:40
- Re: Looking for opinions on paying down mortgage, JerseySaab , Tue, 2 Feb 2021 11:07:111
- Re: Looking for opinions on paying down mortgage., EGD , Tue, 2 Feb 2021 11:04:41
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