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[quote=Anonymous][quote=Anonymous][quote=Anonymous]There is a very important reason to respond to this thread.  We don't teach financial education in high school, and that keeps people poor.  This post was written as a self-congratulations for a goal that others might try to emulate.  But they do so at their own expense, mostly due to a lack  of education.

It is great to accomplish goals.  But it is imperative that people understand they should do the math first.[/quote]

OP here.

We did do the math. We have millions in the stock market. Our mortgage came to its natural end. We did not pay it off early.

Please calm down and stop trolling my celebratory thread!

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So you got a 15 year mortgage in 2010 for presumably around 4.1%.   Not bad at all.  About a $500k home (assuming 20 percent down payment).  Not bad at all.

But, had you refinanced in 2012, you would have had a 2.93%.  At that point you would have had about 360 left on your 400k mortgage.  And you were paying $3000/month, $1750 of which was going to principal.  For the past 13 years, you could have been paying $2,450 a month, which would have saved you $63k.   Why didn’t you do this?

In 2021, you could have gone to 2.27%.  If you had your original mortgage at that point (I guess cause you had bad credit?), you would have $131k left.  Let’s say you wanted to pay it off in the 4 years (retiring and no savings, I guess?).   Then you could have refinanced, reduced your payment to $2,857, and saved yourself almost 7 grand.

Im not understanding the decisions.  Since you did the math, can you explain how my calculations are wrong?

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