James Fields :verified: on Nostr: People give weird advice when it comes to mortgages. I’ve had people tell me that I ...
People give weird advice when it comes to mortgages. I’ve had people tell me that I should keep my windfalls for my normal cash flow instead of putting it toward the mortgage.
I just got a windfall and we put most of it towards the mortgage. In doing so we shaved 1 year and 2 months off the rest of the mortgage. The ROI financially on doing so was 18-19% - that is 18-19% of what we paid we will gain in not having to pay interest. On top of all of that we also gained a huge chunk of equity.
There is nothing I can do with my money to get an 18-19% Return on investment normally. I’m lucky when I get 3-5% from the bank.
I just got a windfall and we put most of it towards the mortgage. In doing so we shaved 1 year and 2 months off the rest of the mortgage. The ROI financially on doing so was 18-19% - that is 18-19% of what we paid we will gain in not having to pay interest. On top of all of that we also gained a huge chunk of equity.
There is nothing I can do with my money to get an 18-19% Return on investment normally. I’m lucky when I get 3-5% from the bank.