Paying down a big chunck today on the mortgage

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  • Phoenix
    BACON BACON BACON
    • Nov 2002
    • 35475
    #1

    Paying down a big chunck today on the mortgage

    so why do i feel depressed? lol


    i guess it sucks just putting the money to sleep until i sell


    next year im going to try and get a triplex or something not just keep paying down


    okie off to kiss my cash goodbye
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    • Scott McD
      Too lazy to set a custom title
      • Nov 2002
      • 67792
      #2
      It'll be worth it in the end !!!!


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        • Subtle
          Confirmed User
          • Jun 2007
          • 2005
          #3
          Oh cheer up!! There is a silver lining in the dark cloud!!

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            • jimmy-3-way
              Confirmed User
              • Jun 2001
              • 3861
              #4
              Originally posted by Phoenix
              so why do i feel depressed? lol


              i guess it sucks just putting the money to sleep until i sell
              (

              LOL @ you for having a mortgage. Dude pay cash for that shit. All you are doing is making the BANK rich.
              Make money offa that Asian honey - www.eroticmp.com.

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                • JFK
                  FUBAR the ORIGINATOR
                  • Jan 2002
                  • 67369
                  #5
                  Originally posted by jimmy-3-way
                  LOL @ you for having a mortgage. Dude pay cash for that shit. All you are doing is making the BANK rich.
                  NOT necesarrily, smart guys use Other Peoples Money to make their own

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                    • JP513
                      Confirmed User
                      • Feb 2007
                      • 1914
                      #6
                      Originally posted by JFK
                      NOT necesarrily, smart guys use Other Peoples Money to make their own
                      Agreed 100%. Plus, buy paying down the mortgage so much, the original poster is greatly reducing the tax deduction he could be getting on the interest.

                      The only time it's smart to pay off a mortgage quicker is when the interest rate is higher than you could make in return on investment.

                      I have a 5.25% mortgage. Why would I pay it off if I can return 10% through other investments?
                      I don't always drink beer, but when I do, I wish I was drinking wine instead.

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                        • jimmy-3-way
                          Confirmed User
                          • Jun 2001
                          • 3861
                          #7
                          Originally posted by JP513
                          I have a 5.25% mortgage. Why would I pay it off if I can return 10% through other investments?
                          Because you are only factoring in the opportunity cost, not the equity you'd reap on a sale. 10-5.25 is only 4.75. And even in a downturn most houses gain more than 4.75 a year in value with almost zero risk.
                          Make money offa that Asian honey - www.eroticmp.com.

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                            • Jimmy Rock
                              Confirmed User
                              • Feb 2005
                              • 3055
                              #8
                              Better than rent my brotha
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                                • Sly
                                  Let's do some business!
                                  • Sep 2004
                                  • 31379
                                  #9
                                  Originally posted by jimmy-3-way
                                  LOL @ you for having a mortgage. Dude pay cash for that shit. All you are doing is making the BANK rich.
                                  So you own outright then? Congratulations, quite the feat.
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                                    • ~Ray
                                      visit hardlinks.org
                                      • Jun 2003
                                      • 18361
                                      #10
                                      buy a 10 year annuity

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                                      Last edited by ~Ray; 06-28-2007, 01:50 PM.
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                                        • p1mpdogg
                                          Too lazy to set a custom title
                                          • Nov 2002
                                          • 16714
                                          #11
                                          Originally posted by JFK
                                          NOT necesarrily, smart guys use Other Peoples Money to make their own
                                          100% accurate
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