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mopinko

(73,246 posts)

18. refi- no, it's not a non-factor. it's a direct factor.

Reply to PeaceWave (Reply #16)

Sun Nov 9, 2025, 02:56 PM

Nov 9

for most ppl, the biggest and sometimes only, investment they have is their home. the biggest expense is the interest. cutting into that is just math. simple math.
re- equity loans- the more equity u have, over and above what u r borrowing, the cheaper they r. again, simple math.

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since we're talking about mortgages [View all] mopinko Nov 9 OP

true, Valon Mtg has a calculator showing how you save and how much shorter the loan is Shellback Squid Nov 9 #1

Most people never pay off a mortgage. MineralMan Nov 9 #2

At my age 70 crud Nov 9 #9

Unless the whole system goes to crap...... Hope22 Nov 9 #13

I agree. It's not easy, though, for working folks MineralMan Nov 9 #15

Sounds good! Sweat equity is definitely the key. Hope22 Nov 9 #20

Always do the math. MineralMan Nov 9 #27

I got a 30 year loan dsc Nov 9 #21

You probably won't keep that house. MineralMan Nov 9 #23

May well be the case dsc Nov 9 #30

I hate moving, too. It's a lot of work. MineralMan Nov 10 #31

Excellent Points ProfessorGAC Nov 9 #24

Yes. You Have to Do the Math. MineralMan Nov 9 #26

This is a good reminder! Nittersing Nov 9 #3

i took an abatement during covid. mopinko Nov 9 #4

Extra payments Timewas Nov 9 #5

any little windfall, part of it shd b put to the mortgage. mopinko Nov 9 #6

This message was self-deleted by its author PeaceWave Nov 9 #12

it gives u more leeway to get an equity loan. mopinko Nov 9 #14

This message was self-deleted by its author PeaceWave Nov 9 #16

refi- no, it's not a non-factor. it's a direct factor. mopinko Nov 9 #18

Rule of thumb - one extra payment per year turns a 30-year mortgage into a 23-year mortgage hatrack Nov 9 #7

I did that as much as I could on my first house... haele Nov 9 #8

All this cheerful advice about mortgages, credit card debt, and car loans... hunter Nov 9 #10

+1 leftstreet Nov 9 #17

So for the first payment a week early and send $50. Extra to be applied to the principal questionseverything Nov 9 #11

Another interesting fact airplaneman Nov 9 #19

yup. i remember that being a thing a while back. mopinko Nov 9 #22

This message was self-deleted by its author PeaceWave Nov 9 #25

yeah, 2%. hardly worth it. mopinko Nov 9 #28

This message was self-deleted by its author PeaceWave Nov 9 #29

You must tell the lender it needs to be put towards the principle usedtobedemgurl Nov 10 #32

my payment had a box for extra principal. mopinko Nov 10 #33