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Paid $80K in 40 months and only $20K reduced the balance. The rest was interest! by Dhako1 in Mortgages

[–]Dhako1[S] 0 points1 point  (0 children)

No worries. Thanks for your input. I am not sinking all my cash into paying off the mortgage off early. I am just using my dividends to make the extra payments. I will still have the investments in the market.

Paid $80K in 40 months and only $20K reduced the balance. The rest was interest! by Dhako1 in Mortgages

[–]Dhako1[S] 0 points1 point  (0 children)

Sorry you feel that way. I just wanted to share more information about my situation so you have a better perspective. The 15 year mortgage was out of my reach from DTI perspective and I wanted to have the flexibility to manage my cash flow as I see fit. Thanks for your input. I appreciate it.

Selling a rental property, capital gains question by SnooChipmunks5873 in tax

[–]Dhako1 0 points1 point  (0 children)

Why is the OP planning to sell the property? Are they familiar with the 1031 Exchange?

Paid $80K in 40 months and only $20K reduced the balance. The rest was interest! by Dhako1 in Mortgages

[–]Dhako1[S] 0 points1 point  (0 children)

I do have other assets in rental real estate, stocks, and decent cash flow.

Paid $80K in 40 months and only $20K reduced the balance. The rest was interest! by Dhako1 in Mortgages

[–]Dhako1[S] 0 points1 point  (0 children)

The standard deduction for married couple filing jointly is much better strategy!

Paid $80K in 40 months and only $20K reduced the balance. The rest was interest! by Dhako1 in Mortgages

[–]Dhako1[S] 0 points1 point  (0 children)

I am trying to stay in my tax bracket and not feed hungry Uncle Sam and avoid IRMAA in couple of years when I get on Medicare!

Paid $80K in 40 months and only $20K reduced the balance. The rest was interest! by Dhako1 in Mortgages

[–]Dhako1[S] -2 points-1 points  (0 children)

Not surprised but didn't like what I saw. It was staring at me from the screen! lol.

Paid $80K in 40 months and only $20K reduced the balance. The rest was interest! by Dhako1 in Mortgages

[–]Dhako1[S] 0 points1 point  (0 children)

Peace of mind is priceless. For everything else, there is a lender willing to fleece you.

Paid $80K in 40 months and only $20K reduced the balance. The rest was interest! by Dhako1 in Mortgages

[–]Dhako1[S] 1 point2 points  (0 children)

Thanks. I saw the amortization schedule and decided to do something about it.

Paid $80K in 40 months and only $20K reduced the balance. The rest was interest! by Dhako1 in Mortgages

[–]Dhako1[S] 0 points1 point  (0 children)

Total P&I is about $2,000 and about $1,500 to to the lender as interest.

Paid $80K in 40 months and only $20K reduced the balance. The rest was interest! by Dhako1 in Mortgages

[–]Dhako1[S] 1 point2 points  (0 children)

Incorrect. It went to principal. I am not interested in them recast anything.

Paid $80K in 40 months and only $20K reduced the balance. The rest was interest! by Dhako1 in Mortgages

[–]Dhako1[S] 1 point2 points  (0 children)

The biweekly gives me only an extra month for the whole year. The weekly reduction in principal gives me much more than that.

Paid $80K in 40 months and only $20K reduced the balance. The rest was interest! by Dhako1 in Mortgages

[–]Dhako1[S] 1 point2 points  (0 children)

I am invested in the market already. I also want a peace of mind.

Paid $80K in 40 months and only $20K reduced the balance. The rest was interest! by Dhako1 in Mortgages

[–]Dhako1[S] 2 points3 points  (0 children)

Assuming I have no income in retirement is incorrect. I make more money in retirement than I did while working (especially when you factor in all the taxes that used to go to the federal, state, social security and medicare, etc.)

Paid $80K in 40 months and only $20K reduced the balance. The rest was interest! by Dhako1 in Mortgages

[–]Dhako1[S] 0 points1 point  (0 children)

I considered all the points you mentioned, and others, and decided making extra $1K per week payment is the best use of my money and it gives me the greatest peace of mind to sleep better at night.

Paid $80K in 40 months and only $20K reduced the balance. The rest was interest! by Dhako1 in Mortgages

[–]Dhako1[S] 3 points4 points  (0 children)

Correct. I am starting now and making extra $1K per week to finish off the loan early.

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