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      08-13-2020, 03:48 PM   #45
David70
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Drives: 06 Z4M Coupe - 13 Cadillac ATS
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Quote:
Originally Posted by FCobra94 View Post
Same.

After doing the math though, throwing 15% more towards the principle each month doesn't really shave off much interest at all at this point though. Yeah, you'll go ~1 year less without having to make mortgage payments, but all that money is going to principal that late in the game anyway.

If anything, your point about not having expenses if you lose your job should be playing devils advocate here; not strengthening your idea of just throwing it at the house. Assume you lose your job in the next ~8 years? Then what? I'm assuming u have savings, but it would be a lot nicer knowing u have a couple years worth of extra principal saved up on top of that to not have to stress it.
We owe about $120k on our house and think could pay it off in 2-3 years instead of 7. Will pay about $3k in interest this year, if the $120k was invested in something with a close to guaranteed return it might have a higher return but then I have to consider the likely 15% capital gain tax lowering the ultimate return. If the house was paid for we could likely live on either my wife or my salary, it would be close enough it would be fine and we have a decent amount of savings.

We both drive 2013's that are paid for, both with about 60k miles and expenses are low.
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