Bad things about owning a house.

[troyguitar]

I was too lazy to break out the math. I'm paying 4.125% and my reduction is 6.5 years according to my lender.

Even it the early payoff is 1 year, that is 1 year less of paying a mortgage.

I bought my current place during the mortgage crisis and was originally paying 6.125%, I did a refi last year reducing my rate to 4.125% which reduced my payment by $357 a month. A reduction I would have never seen if I were a renter unless I moved into a smaller/cheaper place.

Right. The main point was that there is a big difference between paying every 2 weeks and paying twice a month. You get the big reduction by paying every 2 weeks - not by paying twice a month.

 

[danielj1]

Right. The main point was that there is a big difference between paying every 2 weeks and paying twice a month. You get the big reduction by paying every 2 weeks - not by paying twice a month.

Thanks, I actually meant 2 weeks.

It's early here on the West Coast *sips coffee

 

[rx4brdm]

Just finished the deal on the phone. Over $1k to replace it!

Supposed to be here today. I really hope so 'cuz I took the day off due to a medical issue. :laugh: