Two (plus one) of my kids have mortgages. The one who just paid off her car is a renter. I don’t know if two of the biokids, the bonus, or the in-laws have a car loans. Bonus kid has some student loan debt and one in-law kid might (or ds might have paid it off)
Well mortgages – that is a different animal. Personally I consider a Mortgage to be undesirable debt, a noose around one’s neck. But financial wizards argue that having a Paid off house is silly when you could take that capital and invest it at a higher rate than the low mortgage rate of today.
I think if you have the money earning more interest than the mortgage is charging you, it makes sense. That is why we have a home equity loan - we could have used savings, but the savings is earning more than the home equity loan is charging. So basically, the bank is letting us use their money to make money for us. (The difference in the two interest rates) we could, at any time, give their money back (pay off the loan) and stop doing that, but why?
As long as you don’t buy too much home I think it’s fine because otherwise you would be paying rent. You have to live somewhere.
Made my car payment and the extra home equity loan payment today. If there are no sudden, unexpected large expenses in January, I should pay off the car next month.(at most I have three payments left if I pay the minimum every month)
the house loan loan will be another 70 months at the current rate. I will not be throwing my “extra” car payment at it, we will just keep making payments or pay it off if that seems best at some point.
Hi ejchase! February is right around the corner. How are you doing on that early goal? Cheering for you to be debt free in 2019
I paid off my car!
Ejchase, how are you doing?
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