Posted 27 February 2006 - 12:17 PM
E ~ 16.09.06
N ~ 16.04.09
and two fur babies
Posted 27 February 2006 - 01:15 PM
From even paying an extra $50 shaves time and money off the loan.
The way I see it, I am in 2 minds about it.
pay off ASAP then have the freedom to do what ever, by another place tc
Live life to the fullest, enjoying all the fun things as there will always be a mortgage.
Decide which one you want to be and go for it I say.
Posted 01 March 2006 - 06:50 AM
If you have the spare cash you should definitely try and pay a bit extra.
ps - I just used the calculator and my repayments will knock approximately 10 years off my mortgage Wooo Hooo!
Posted 03 March 2006 - 09:18 AM
But we have 2 mortgages as h2b bought an investment house a few years ago now. So we pay the minimum on that loan and more on our loan, its not heaps more but we probably have already cut a few years off the mortgage.
I think if you can its definately worth it.
Camilla & Adam - 14 April 2007
Posted 03 March 2006 - 12:52 PM
We have just paid off the entire thing.
It took us over a year of making basic repayments before we discovered this wonderful feature!!
After that there was no looking back! I loved watching the money build up each month and the interest reduce, this was a great incentive not to spend money!!
Posted 03 March 2006 - 01:42 PM
so we are paying $1600 ish each month, then an extra $1000.
Posted 13 March 2006 - 11:12 AM
We have a split loan, with some on a fixed rate for 3 years, and some on a variable rate. We'll pay the extra off the variable one, and then redraw if we need to, so we can put all our savings for the wedding on the house, reduce the interest, and then redraw it all back to pay for the wedding. After the wedding we're planning to put all of one person's wage on the homeloan every week, so that will be nearly triple the minimum amount. That's all the ideal thing, though, I'm sure it will all change once we're doing stuff to the house and paying rates, etc.
Playing together on Rainbow Bridge
Posted 16 March 2006 - 03:27 PM
we've only had it a year & if we do that for the rest of the loan term it will have cut 5 years off the life of the loan & saved us interest.
Posted 22 March 2006 - 08:38 PM
hope ours ends up disappearing that quickly!!!
Posted 26 March 2006 - 09:07 PM
0 user(s) are reading this topic
0 members, 0 guests, 0 anonymous users