roland465’s Activity

Tue Apr 26

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roland465 replied to the Living Below Your Means board. 7:36 PM

Re: Pay off my home early

Hi All,

Based on the feedback I received here and other places, I have decided to split the $2000 savings as follows: 50% High Interest Saving and 50% Growth Stock Mutual Funds.

In a year or five I will decide to pay off the [more]

Mon Apr 25

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roland465 replied to the Living Below Your Means board. 6:47 PM

Re: Pay off my home early

Thanks all. The running consensus seems to be to NOT pay it off extremely early. I like the idea of simply saving the extra $2k and deciding down the road to pay off or not to pay off. That thought occurred to me as well.

FYI: I have a fully [more]

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roland465 replied to the Living Below Your Means board. 1:13 PM

Re: Pay off my home early

Exactly. I pay 1000/mo now to the mortgage.

I can reallocate about $1500 that I currently put to other areas:
- Rental Income (currently split to paying the mortgage early and future home improvements)
- Gym and Personal [more]

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roland465 replied to the Living Below Your Means board. 9:47 AM

Re: Pay off my home early

My theory is that if I pay off the house early that will free up almost $3,000/mo in cash flow.

I could then play catch up with retirement and the new car. My calculations put me around the $20-26k mark total for both. Less than 1yr of [more]

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roland465 replied to the Living Below Your Means board. 1:21 AM

Re: Pay off my home early

Retirement is in tax sheltered account
Mortgage is fixed at 2.5%
No change in tax bracket
No kids

Hope to retire around 60. I live in a small town with low cost of living so expect to afford retirement.

I'm currently [more]

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roland465 replied to the Living Below Your Means board. 12:45 AM

Re: Pay off my home early

I should also add I'd be "cash flowing" the payoff. I wouldn't be touching savings over those 5 years.

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Boards Post

roland465 posted to the Living Below Your Means board. 12:43 AM

Pay off my home early

Hi All,

I've been running numbers and realized I can pay off my home early. With a little luck and some focus I can pay off the whole thing in 5 years.

The catch:
- I sacrifice payments to the "new car" fund. Not a [more]

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