Just sent in (first) a payment bigger than the requested mortgage payment.

[Vdubchaos]

For those of you paying extra, make sure it gets applied to your principle.

TONS of banks have screwed people on extra principle payments :cough: countrywide :cough:

 

[SunnyD]

For those of you paying extra, make sure it gets applied to your principle.

TONS of banks have screwed people on extra principle payments :cough: countrywide :cough:

Indeed. My payment stub explicitly has me break down how I want any overpayments applied by type.

 

[ViviTheMage]

3.25%. I'll keep paying the minimum.

yuppp same here

 

[ultimatebob]

Why don't you take that money and invest it and make yourself richer? With rates this low one would be an absolute fool to pay off a mortgage early or do anything besides a 30 year fixed. Do the math. A mortgage is "good" debt.

Fool and his money you know....

My mortgage is about 40K under water so I can't really refi it right now. I just want to get it paid down enough to prevent me from having to owe the bank money after sell it.

 

[Blackjack200]

Long term income after it's paid for by the tenants. $280 worked, $375...heck no.

Gotcha. Residential sucks but at least I get > 2x PITI. I don't think I'd be able to handle dealing with repairs and vacancy when the property is barely paying for itself.

 

[Vdubchaos]

Also for those of you that have no kids, you might want to NOT pay the principle off quicker.......as the interest is your Tax write off.

It might actually work against you!

 

[Jimzz]

Also for those of you that have no kids, you might want to NOT pay the principle off quicker.......as the interest is your Tax write off.

It might actually work against you!

No it is not, its a deduction. You do not get to "write off" the amount you paid in tax.
If you don't have that many deduction's you use the standard tax deduction.

Instead of giving the bank my money in intrest I rather keep it for myself.

 

[Red Squirrel]

Also for those of you that have no kids, you might want to NOT pay the principle off quicker.......as the interest is your Tax write off.

It might actually work against you!

Wait, what? So I can claim the interest on my taxes?

 

[amdskip]

For those of you paying extra, make sure it gets applied to your principle.

TONS of banks have screwed people on extra principle payments :cough: countrywide :cough:

Exactly what I was going to mention.

 

[bigrash]

Congrats. Now start making double payments each month.