Quickly paying off a house

[Hunteraudit]

The good news is you owe less on your house than most guys do on their trucks😳

😂😂😂 sad but true

[W E H]

Don’t refinance it. It will cost too much in fees. If you pay $600 a month separately that goes directly to principal, you’d pay it off in less than 6.5 years and save about $35000 in interest. Once it’s paid off you can use it as a line of credit if you ever need the money.

And you owe less than most peoples vehicle notes.

[tazhunter0]

😂😂😂 sad but true

Yep

[Goldeneagle]

Good luck Chris. Keep at it. Our house is down to $18,000. Won't be long now.

[txhunt7]

Take 2 steps now and think about it more later:
immediately begin doubling payments, 2 a month
Look at refinance if fees are not too high. be careful and dont take the cheaper adjustable rate.
Rare circumstances adjustable may be ok, for example I had a 2 year note and I was comfortable there were no big changes on the horizon but usually its the worst idea

[SJP51]

Using the calculator at www.calculator.net using the "mortgage payoff" calculator with these inputs:
Original Loan: $85,000
Interest rate: 5%
Remaining term on original loan: 20-years
Repayment: $600 extra per month

Pay off in 13-years & 7-months, and save $28,609.

[Hoyt Man]

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