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Reply to "Paying down a mortgage - not a debate about whether it makes sense"
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[quote=Anonymous][quote=Anonymous]Good for you, OP. It's a great feeling when you start to make a dent. If you have enough to pay down the mortgage, you probably have enough to refinance to a slightly more expensive 15-year loan with a lower rate. Here is what we did: -Bought in 2017 with 4% $385k 30-year loan ($2500/mo) - original maturity date was 2047 -Paid down about $25k between 2017 and 2019 (only about half of that was from monthly mortgage payments, the rest was add'l principal payments we made) -Refinanced in 2019 to a 3% $360k 15-year loan ($3000/mo) with a maturity date of 2034 Since we refinanced in 2019 we have paid down about $70k and if we made no extra payments we would pay it off in 2032 (15 years after we took out the original 30 yr loan, 13 years after we took out the 15 year loan). I suspect we will continue to make extra payments at the same clip we've been going at and end up paying it off somewhere between 2025 and 2030. [b]I'm a big fan of paying it down because I would probably just keep the money in savings otherwise, [/b]and because we've paid down so much, a significant amount ($1500) is going to our remaining principal every month.[/quote] Well, that's just dumb. [/quote]
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