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jasonc said:
15 year loans are more expensive .I would have lost my house years ago .
2000 grand a month for this house would have forced a modified loan per the court
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15 year loans are expensive, but so are 20 and 30. Any loan Carries interest and for the first third of your loan most of your monthly payment goes directly to interest. On a 30 year loan, that means the first 10 years your payment primarily covers interest and very little toward principal. For example, on a 100,000 loan with a fixed 5% interest, you would pay 5,000 in interest your first year. That’s a lot of money to give away. Do a 200,000 loan and that’s 10,000 in interest alone. Again, that’s a lot of money and it doesn’t significantly reduce until your 2/3 into your loan.

As far as monthly payment, we based our Mortage on half of my gross wages.
 
jasonc said:
15 year loans are more expensive .I would have lost my house years ago .
2000 grand a month for this house would have forced a modified loan per the court
Click to expand...
Some mortgages will let you pay extra beyond the payment and that money can go on the principal . Maybe pay 25% extra a month and that would really cut down on the length of the mortgage . Make the 30 shorter that way :) .
 
miamited said:
So you have an example where the federal governmnet is paying for abortions?
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When It Comes to Federal Abortion Funding, Biden Is the All-Time King
From the link .
"The largest source of Biden’s funding that can be used for abortions is the $350 billion in funds for state and local governments to respond to the COVID-19 public health emergency or its negative economic impacts, without a single reference to prohibiting the use for abortion or abortion businesses. While the funds must be used under the general requirement of the COVID-19 pandemic, it has already been made clear by the abortion industry that they are treating abortion as both a health and economic response to the pandemic. In 2019, New York City created its own abortion fund with local dollars, and now with billions being sent out to states with minimal guardrails, many other cities and states could follow suit—all on the backs of federal taxpayers. We may never know how much of these state bailouts go to line the pockets of the abortion industry, but we do know that the Biden administration left the door wide open for these funds to do just that."
 
hawkman said:
Some mortgages will let you pay extra beyond the payment and that money can go on the principal . Maybe pay 25% extra a month and that would really cut down on the length of the mortgage . Make the 30 shorter that way :) .
Click to expand...
It does.most allow it .
 
stovebolts said:
15 year loans are expensive, but so are 20 and 30. Any loan Carries interest and for the first third of your loan most of your monthly payment goes directly to interest. On a 30 year loan, that means the first 10 years your payment primarily covers interest and very little toward principal. For example, on a 100,000 loan with a fixed 5% interest, you would pay 5,000 in interest your first year. That’s a lot of money to give away. Do a 200,000 loan and that’s 10,000 in interest alone. Again, that’s a lot of money and it doesn’t significantly reduce until your 2/3 into your loan.

As far as monthly payment, we based our Mortage on half of my gross wages.
Click to expand...
Imagine loosing a house because you can't afford insurance.

My mom pays more on homeowner insurance then principal.
 
jasonc said:
Imagine loosing a house because you can't afford insurance.

My mom pays more on homeowner insurance then principal.
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When I bought my house my insurance was less then one month of principal.

Now it's two months payments.my moms is five payments per year
 
stovebolts said:
WIP
Thanks for sharing. I understand your view on a 30 year Mortage and a 6 year auto loan. I could never do either for two reasons.

1. In 1989 I grossed over 34k. That was good money back then. Life happened and I found myself living in a homeless shelter and I lost everything except my car which I hid from the Repo man for over a year until I saved enough to pay it off (I only owed $500 on it).

I get anxiety with debt because I understand it’s really not mine and all that money I paid toward the debt could be for nothing.

2. I work too hard to throw money away on interest. If you look at the money you pay in interest on a 30 year loan, without running the numbers I have to imagine it would pay for a few cars. The first new car I bought was in 2016 and I pulled a three year loan and paid it off in two. My second new car was in 2019 when I purchased a 2018 lease we had and we paid it off in just over 2 years.

Neither of those purchases would have been possible to pay off so quickly had we had a Mortage over our heads. In both cases, had “life” happened we could have pulled from other sources of income / savings and paid them off. Again, I carry anxiety with debt.

We paid our second house off I think around 2012 and we said no to a lot of things to pay it off so quickly. It also helped that our first home was paid off and was used as a huge down payment for our current home. Anyway, once we were Mortage free, we pretended we still had a Mortage and banked that $ and started enjoying the fruits of wage increases.

We have everything we need and honestly, the biggest expense I have is my Camaro and I pay cash for every upgrade. I’ve had several very significant pay bumps in recent years, yet I divert those pay increases into my 401k, savings, HSA, IRA’s and we are able to give to those in need within our community. None of this would be possible to the degree we are doing it had we not buckled down early and not only achieved debt free early, but also maintained that status.

We raised 3 kids and paid a Mortage off early and none of our kids went without and at that time my wages were not even close to what they are now. As a result, I am a firm believer that it’s not how much you make, but what you do with it.

I’m not saying a 30 year Mortage is wrong. Not an I saying a 6 year car loan is wrong. What I’m saying is I work too hard to give my money away to interest. I hate interest.
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I understand. I too don't like to give money away in interest. Here's where I'm at. When I borrow money, I will write up the loan for as long term as I can. The reason is that it reduces the monthly obligation. This makes it easier to pay if later for some reason I find myself with less monthly income. Interest is charged on the remaining balance each day so when you pay extra each month, you reduce the interest obligation on successive months. Likewise, if you pay off the loan early, you also save the interest that would have been paid had you carried the loan to term. So, all else being equal, if you write up the loan for 6 years but then pay it off in 3 years, you pay the same interest as a 3-year loan. The only disadvantage is that in most cases, you can get a little better interest rate by setting the loan up with shorter terms but I figure the payoff, which is usually only a small difference, is worth it.

In my examples from my life, like you, I went without a lot of things, especially early on. To do what we did took discipline and planning but in the end, it was partially what made it possible for me to retire at age 60. Until I bought my first new vehicle in 2000, I always drove used vehicles that were, let's say, not quite a nice. But, in reality, the cost of owning and operating an older vehicle even with the expense of maintenance, is less than a new vehicle. And like you, we raised 2 kids and they never went without. Did they get designer clothing and such? No but so what? They didn't have to wear rags either.
 
WIP said:
Brain hiccups are more and more common the older I get.
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I do that but with my memory that can be a problem at work .

Jeff the new meter machines are smart phones ,now I will have use of a gps to guide me to the meter but first I must stand over the meter to input the read .

Still will need My memory .
 
WIP said:
I understand. I too don't like to give money away in interest. Here's where I'm at. When I borrow money, I will write up the loan for as long term as I can. The reason is that it reduces the monthly obligation. This makes it easier to pay if later for some reason I find myself with less monthly income. Interest is charged on the remaining balance each day so when you pay extra each month, you reduce the interest obligation on successive months. Likewise, if you pay off the loan early, you also save the interest that would have been paid had you carried the loan to term. So, all else being equal, if you write up the loan for 6 years but then pay it off in 3 years, you pay the same interest as a 3-year loan. The only disadvantage is that in most cases, you can get a little better interest rate by setting the loan up with shorter terms but I figure the payoff, which is usually only a small difference, is worth it.

In my examples from my life, like you, I went without a lot of things, especially early on. To do what we did took discipline and planning but in the end, it was partially what made it possible for me to retire at age 60. Until I bought my first new vehicle in 2000, I always drove used vehicles that were, let's say, not quite a nice. But, in reality, the cost of owning and operating an older vehicle even with the expense of maintenance, is less than a new vehicle. And like you, we raised 2 kids and they never went without. Did they get designer clothing and such? No but so what? They didn't have to wear rags either.
Click to expand...
You and I really have a lot in common in this area.

I have a really good friend that makes good money, but he also loves to spend money. Back in 2000 he bought a $400 video card for his PC. He likes nice things. He did purchase his home and had it paid off in 8 years. It’s a small home in an average part of town but it’s his and has owned it for well over 10 years now.

However, he really doesn’t have any savings or much of a retirement fund and he understands that retirement is going to be rough for him. We’ve talked about his retirement and I think it’s finally starting to sink in. As it sits, his lifestyle will drastically change when he retires… if he can afford to retire. Again, we make very close to the same amount and for many years his salary was over 10k of mine.
 
jasonc said:
We ought to address the whacky inflation of cars and homes and wages.
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Imagine how much less a car would be without all the options you don't really need, such as .
Air Conditioning
Automatic Transmission
Power windows and locks
Airbags( get em where you want them or not !) Takata airbag recall !
Power seats

I have drove cars with the only installed option was a heater :lol .
 
stovebolts said:
You and I really have a lot in common in this area.

I have a really good friend that makes good money, but he also loves to spend money. Back in 2000 he bought a $400 video card for his PC. He likes nice things. He did purchase his home and had it paid off in 8 years. It’s a small home in an average part of town but it’s his and has owned it for well over 10 years now.

However, he really doesn’t have any savings or much of a retirement fund and he understands that retirement is going to be rough for him. We’ve talked about his retirement and I think it’s finally starting to sink in. As it sits, his lifestyle will drastically change when he retires… if he can afford to retire. Again, we make very close to the same amount and for many years his salary was over 10k of mine.
Click to expand...
Because of inflation I know this from my mom who has enough to live but not enough to fix her house that despite all that we do .we may not save enough.

Her roof was repaired six months after dad died. She didn't have that money it was a charity
 
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