PSA for Homeowners (or future homeowners) - Pensacola Fishing Forum

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Old 05-19-2019, 10:12 AM   #1
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Default PSA for Homeowners (or future homeowners)

Put this on my FB page this morning. I have been seeing ALOT of advertisements asking people to call, to see how they can pay off their mortgage early… It MATH folks. Just little math. I do not know what the advertisements are trying to sell, but its just MATH....


I have been seeing alot of ads.... "Call us, well show you how to pay off your mortgage early" Trust me, its simple math...... You don't have to call anyone, Just look at this calculator.... https://www.daveramsey.com/mortgage-payoff-calculator It works..... DO THIS!!!!! You're welcome... BTW, You can own your home for the same, or less than renting a place....


Some discipline, can reap BIG rewards for you.....
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Old 05-19-2019, 10:17 AM   #2
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Thanks Jim good stuff
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Old 05-19-2019, 10:40 AM   #3
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yep, jim is right,

einstein said the most powerful force in the universe is compound interest.
and he was 100% correct. i got a balloon note on my mortgage. the interest is 1000 and the principle is 300. i told my banker that i wanted to payoff the note when it ballooned again. he said it balloons in 2022. you need to put 1280 in for the note and add 3000 to get it paid off by 2/22. so that is what i'm doing. i used daves calculator as jim suggested and i was amazed at the results. 80k is a lot of cash that i will be saving on interest in 3 years.

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Old 05-19-2019, 12:43 PM   #4
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Quote:
Originally Posted by Realtor View Post
Put this on my FB page this morning. I have been seeing ALOT of advertisements asking people to call, to see how they can pay off their mortgage early… It MATH folks. Just little math. I do not know what the advertisements are trying to sell, but its just MATH....


I have been seeing alot of ads.... "Call us, well show you how to pay off your mortgage early" Trust me, its simple math...... You don't have to call anyone, Just look at this calculator.... https://www.daveramsey.com/mortgage-payoff-calculator It works..... DO THIS!!!!! You're welcome... BTW, You can own your home for the same, or less than renting a place....


Some discipline, can reap BIG rewards for you.....
Good points Jim, started to do the Ramsey thing a long time ago. Got down to zero debt, bought our land and saved like hell for 4 years plus. As you well know we are close to breaking ground and hope to close on our construction loan in short order. Our mortgage will be considerably less than our rent and we plan to put another $10K plus to the principle each year. It works for sure
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Old 05-20-2019, 05:21 PM   #5
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I'm a big fan of 20% down and a 15 year note.
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Old 05-20-2019, 07:23 PM   #6
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Here’s a tip. Do everything you can to pay your house off then keep making that payment to yourself. You’ll watch the dough just pile up.
~JOE~
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Old 05-20-2019, 08:24 PM   #7
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Quote:
Originally Posted by salty_dawg View Post
I'm a big fan of 20% down and a 15 year note.
Most people would be, but this works for the 15 yr. mortgage too. the vast majority of people buying a home don't have the whole 20%. but that another discussion....

Quote:
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Here’s a tip. Do everything you can to pay your house off then keep making that payment to yourself. You’ll watch the dough just pile up.
~JOE~
one step at a time.... I agree, saving for the future is extremely important...
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Old 05-20-2019, 10:04 PM   #8
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Pay bi-monthly payments. !5 yr.
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Old 05-20-2019, 10:27 PM   #9
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We were fortunate enough to refinance our current house from a 5 year balloon to a 15 year fixed and couldn’t be happier. Hard to go wrong even if you just make the minimum.
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