Advice The Home Improvement/Automation Thread

nukes

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While past performance doesn't guarantee future returns, paying off your mortgage ahead of time is illogical. Unless you have some predatory rate I guess...
You're trolling right? I have $99,000 principal on the balance. If I paid off my mortgage right now with $99,000 assuming I had that type of liquid capital, I would save at least that much if not more in interest (I'm not going to bother calculating out the interest over the next 26 years at 4.5%.).
 
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nukes

women seem wicked when you're unwanted.
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Leverage short term debt to push yourself forward. Like if you could get a monkey to drive a cab for peanuts and give you all the $$ it might be worth it to go in debt on another Prius. ;)
Once uber and lift tank their IPOs in March, I'm considering putting on more cabs. Until the two giants of Rideshare fail, there's no point in putting on more cabs.
 

wetwille

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You're trolling right? I have $99,000 principal on the balance. If I paid off my mortgage right now with $99,000 assuming I had that type of liquid capital, I would save at least that much if not more in interest (I'm not going to bother calculating out the interest over the next 26 years at 4.5%.).
I gotta go with fly on this nukes - all your other consumer debt has got to be highter than that 4.5%. While your left eye is worried about 4.5%, your right eye is getting gouged out by VISA,etc. at 20+%. The maths say pay the CC first. YMMV
 

Domon

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While past performance doesn't guarantee future returns, paying off your mortgage ahead of time is illogical. Unless you have some predatory rate I guess...
Only if you have an investment that you know can beat the mortgage rate. For sure, no quesitons asked.

Pay off mortgage the day after you buy the house... losses = the price of the house
Pay it off after 30 years, losses = double to triple the price of the house

If you have an investment that you will put the payoff money into that regularly gets higher than the mortgage rate is the only time it makes sense.
 

nukes

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I gotta go with fly on this nukes - all your other consumer debt has got to be highter than that 4.5%. While your left eye is worried about 4.5%, your right eye is getting gouged out by VISA,etc. at 20+%. The maths say pay the CC first. YMMV
That's patently obvious. I wasn't saying I wasn't going to pay my credit card off first. So let's say I did have $99,000 right? I take the 2800 off the top first and I pay off the credit card and then I pay the remainder on the mortgage. Now I'm a few months away from being able to pay off the balance of the principal therefore negating the mortgage. At least now we're all on the same page?
 

wetwille

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That's patently obvious. I wasn't saying I wasn't going to pay my credit card off first. So let's say I did have $99,000 right? I take the 2800 off the top first and I pay off the credit card and then I pay the remainder on the mortgage. Now I'm a few months away from being able to pay off the balance of the principal therefore negating the mortgage. At least now we're all on the same page?
We are. :fly: I'll have to read in reverse.
Your idea to pay the remainder on the mortgage - I'd probably hold back $20k and put in bank/CD as a hedge against future CC payments, to knock them to zero month by month. And make the mortgage if incoming cash flow got bad. Hard to beat that 4.5% mortgage rate.
 

Jehannum

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Consider someone self employed though. Usually any $ they put into the biz returns are considerably greater than the mort cost or they're not wasting time on it.

There needs to be more schooling on how and where to leverage.
In my line of work, leverage means that you're more likely to be compromised and leak intelligence.

So my considerations, as ever, run towards my own interests.
 
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fly

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You're trolling right? I have $99,000 principal on the balance. If I paid off my mortgage right now with $99,000 assuming I had that type of liquid capital, I would save at least that much if not more in interest (I'm not going to bother calculating out the interest over the next 26 years at 4.5%.).
Looking backwards over just about any 20+ year period, you'd end up with more than a 4.5% return in an index fund. Granted, you gain piece of mind paying off the mortgage, but it's almost never the best financial advice.