Anyone with mortgage debt? Ideas?
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Anyone with mortgage debt? Ideas?
| Fri, 06-24-2005 - 12:47am |
Hi, everyone. Anyone with huge mortgages? 30-yr? Over 300K? Want to pay off in 10-15 yrs, but cannot afford $4,000/month. Someone told me it is better to start saving for retirement and emergency savings rather than put extra toward mortgage, especially if you want to sell eventually. I'd personally rather pay off cc debts and cars and start a savings cushion. Any thoughts? THanks. Whiz.

Hey Whiz - I guess I fall into this category, though truth be told the mortgage is so far down on my list of things I'm worrying about paying off.
All my best,
Danni
Hey Whiz - I'm a bit OCD with savings accts.
All my best,
Danni
I hope it works out, please keep us posted.
-Cindy
We currently still owe $235,000 on our house for another 29 years. I think my plan of action will be as follows...
1. Pay off all credit card, medical, & auto debt. (Currently $15560, plus $3500 for auto loan next payment due 6/07)
2. Build a $10,000 Emergency Fund.
3. Contribute at least $400 a month to our Roth IRAS & DH's 401K.
4. Pay at least $100 extra on mortgage a month.
5. Set up savings accounts & weekly payroll deductions for budgeted vacations, auto costs, medical Rx & copays, home improvements.
6. Replace Kitchen.
7. Pay down mortgage as fast as we can.
I think this is my plan not sure how long it will take us though...
Shannon
Shannon
Hi, Danni--Thanks for explaining everything. Here's what I have done: l) The credit union account will be my "emergency" fund. Just opened it. $500 balance. $200/month so far. Can't get to it easily. How much more should I put in each month? How do you figure out the 6 month cushion you should have? Add up salaries? (in case of job loss?) Add mortgage payment on top of that? 2)TSA--$14,000 yr max contribution.(no match). Balance after 4 yrs: $65,000. Between $900-$1100 every two weeks. 3) 457B plan. Opened last yr. $400/month. Just found out I can do salary reduction and do the same thing--max $14,000/yr. This saved on income tax last yr. May plan to increase it. 4) Roth IRA: $200/month. Yes, I know it is underfunded, but this is what I set up. 5) Savings account. What savings account?! Never mind. Balance: $136.57! 6) Social Insecurity Info: Sent away for the statement for me. What an eye-opener! I'll need to work till I'm 80. 7)Got on websites on how to get to $1,000,000. Would need to save $4,000/month. For 12 yrs. DH and I are at a disadvantage, because we are playing catchup.
I like the idea of another savings account, but I think I will set up the savings account so that I cant withdraw from it. Plan to go to bank today to do that! Q--Did anyone ever have a Christmas Club account? My GF swears by it (she has two teens) and says it comes in handy at holidays. Any thoughts? Thanks. WHiz.
Hey whiz - first of all - I wanted to point out something about the retirement funds.
All my best,
Danni
I will get back to you when I know the details.
Talk to you soon,
-Cindy
Hi, new here, but we are re-financing our mortgage to Bi-weekly payments
What it is you pay 1/2 of your monthly mortgage every other week.