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  • Moliere
    One man.....one pie
    • Oct 2009
    • 27851
    #1051
    Holy crap, financial idiots everywhere

    I haven’t ran any numbers, but my guess is that the reduction in monthly payments between a 30 year and 50 year mortgage can’t be that big…maybe I’ll setup a loan amortization schedule and see what the impact is. I have to imagine the rates also aren’t very different.
    "Discipleship is not a spectator sport. We cannot expect to experience the blessing of faith by standing inactive on the sidelines any more than we can experience the benefits of health by sitting on a sofa watching sporting events on television and giving advice to the athletes. And yet for some, “spectator discipleship” is a preferred if not primary way of worshipping." -Pres. Uchtdorf

      Comment

      • Bo Diddley
        Senior
        • Jul 2012
        • 18769
        #1052
        Originally posted by Moliere View Post
        Holy crap, financial idiots everywhere

        I haven’t ran any numbers, but my guess is that the reduction in monthly payments between a 30 year and 50 year mortgage can’t be that big…maybe I’ll setup a loan amortization schedule and see what the impact is. I have to imagine the rates also aren’t very different.
        Chatgpt says the payment on a 50 year loan is 7% less than a 30 year loan. It picked 6.5% for both. NOT WORTH IT!

          Comment

          • Bo Diddley
            Senior
            • Jul 2012
            • 18769
            #1053
            On the topic of mortgages, we're locked in at 3.25%. Often inflation has been higher than that, and I feel no pressure to pay the loan off early. I put all of my excess cash into my Roth TSP.

              Comment

              • PaloAltoCougar
                Semper infra dignitatem
                • Nov 2008
                • 16929
                #1054
                Originally posted by Bo Diddley View Post

                Chatgpt says the payment on a 50 year loan is 7% less than a 30 year loan. It picked 6.5% for both. NOT WORTH IT!
                But the interest rate on a 50-year will almost certainly be higher.than shorter term loans. Barring an unusual flip in the yield curve, the longer the term, the higher the rate to reflect risk.

                  Comment

                  • chrisrenrut
                    Strikes and Gutters
                    • Jul 2009
                    • 2279
                    #1055
                    Originally posted by PaloAltoCougar View Post

                    But the interest rate on a 50-year will almost certainly be higher.than shorter term loans. Barring an unusual flip in the yield curve, the longer the term, the higher the rate to reflect risk.
                    Every Twitt-iot that argues for 50 year loans fails to account for this in their comparisons.

                      Comment

                      • Moliere
                        One man.....one pie
                        • Oct 2009
                        • 27851
                        #1056
                        Originally posted by Bo Diddley View Post
                        On the topic of mortgages, we're locked in at 3.25%. Often inflation has been higher than that, and I feel no pressure to pay the loan off early. I put all of my excess cash into my Roth TSP.
                        One of the worst financial decisions I made was to pay off my mortgage, which I did before 2020. I could have refinanced for around the same rate as you and stuck the payoff money into the market, which has ballooned since then. In hindsight it was relatively a bad financial move but I’m not exactly mad about it since it’s nice to not have a mortgage.
                        "Discipleship is not a spectator sport. We cannot expect to experience the blessing of faith by standing inactive on the sidelines any more than we can experience the benefits of health by sitting on a sofa watching sporting events on television and giving advice to the athletes. And yet for some, “spectator discipleship” is a preferred if not primary way of worshipping." -Pres. Uchtdorf

                          Comment

                          • Bo Diddley
                            Senior
                            • Jul 2012
                            • 18769
                            #1057
                            Originally posted by Moliere View Post

                            One of the worst financial decisions I made was to pay off my mortgage, which I did before 2020. I could have refinanced for around the same rate as you and stuck the payoff money into the market, which has ballooned since then. In hindsight it was relatively a bad financial move but I’m not exactly mad about it since it’s nice to not have a mortgage.
                            I tell myself it's free money--it's not--but my mortgage payment is half what my kids pay for rent.

                              Comment

                              • BigFatMeanie
                                Senior Member
                                • Nov 2008
                                • 7108
                                #1058
                                Originally posted by Moliere View Post

                                One of the worst financial decisions I made was to pay off my mortgage, which I did before 2020. I could have refinanced for around the same rate as you and stuck the payoff money into the market, which has ballooned since then. In hindsight it was relatively a bad financial move but I’m not exactly mad about it since it’s nice to not have a mortgage.
                                I paid off my mortgage pre-COVID as well. There is a post somewhere on this board where a few folks told me I should have done exactly what you suggest.

                                When COVID hit and people were panic-buying and worrying about whether they would still have jobs hunkering down, the Mrs. and I felt great peace as we had no debt and were financially secure.

                                Interestingly, my net worth, which doesn't include my house, has increased 488% since I paid of my mortgage. Could it be higher if I had been more financially aggressive? In hindsight, yes it could have. But the market doesn't operate on hindsight and we don't know what tomorrow brings. I don't regret the tradeoff I made in paying off my debt vs maximizing my assets.

                                  Comment

                                  • Northwestcoug
                                    Cocked and Loaded
                                    • May 2011
                                    • 17981
                                    #1059
                                    Originally posted by Moliere View Post

                                    One of the worst financial decisions I made was to pay off my mortgage, which I did before 2020. I could have refinanced for around the same rate as you and stuck the payoff money into the market, which has ballooned since then. In hindsight it was relatively a bad financial move but I’m not exactly mad about it since it’s nice to not have a mortgage.
                                    Originally posted by BigFatMeanie View Post

                                    I paid off my mortgage pre-COVID as well. There is a post somewhere on this board where a few folks told me I should have done exactly what you suggest.

                                    When COVID hit and people were panic-buying and worrying about whether they would still have jobs hunkering down, the Mrs. and I felt great peace as we had no debt and were financially secure.

                                    Interestingly, my net worth, which doesn't include my house, has increased 488% since I paid of my mortgage. Could it be higher if I had been more financially aggressive? In hindsight, yes it could have. But the market doesn't operate on hindsight and we don't know what tomorrow brings. I don't regret the tradeoff I made in paying off my debt vs maximizing my assets.

                                    Don't worry about the potential lost money, fellas. You have Hinkley's admiration:

                                    President Faust would not tell you this himself. Perhaps I can tell it, and he can take it out on me afterward. He had a mortgage on his home drawing 4 percent interest. Many people would have told him he was foolish to pay off that mortgage when it carried so low a rate of interest. But the first opportunity he had to acquire some means, he and his wife determined they would pay off their mortgage. He has been free of debt since that day. That’s why he wears a smile on his face, and that’s why he whistles while he works.
                                    "...you pointy-headed autopsy nerd. Do you think it's possible for you to post without using words like "hilarious," "absurd," "canard," and "truther"? Your bare assertions do not make it so. Maybe your reasoning is too stunted and your vocabulary is too limited to go without these epithets."
                                    "You are an intemperate, unscientific poster who makes light of very serious matters.”
                                    - SeattleUte

                                      Comment

                                      • Jeff Lebowski
                                        Corporate lackey for Jesus
                                        • Nov 2008
                                        • 69621
                                        #1060
                                        I made that same terrible financial decision and I was shocked at how great it felt.
                                        "There is no creature more arrogant than a self-righteous libertarian on the web, am I right? Those folks are just intolerable."
                                        "It's no secret that the great American pastime is no longer baseball. Now it's sanctimony." -- Guy Periwinkle, The Nix.
                                        "Juilliardk N I ibuprofen Hyu I U unhurt u" - creekster

                                          Comment

                                          • Moliere
                                            One man.....one pie
                                            • Oct 2009
                                            • 27851
                                            #1061
                                            Originally posted by BigFatMeanie View Post

                                            I paid off my mortgage pre-COVID as well. There is a post somewhere on this board where a few folks told me I should have done exactly what you suggest.

                                            When COVID hit and people were panic-buying and worrying about whether they would still have jobs hunkering down, the Mrs. and I felt great peace as we had no debt and were financially secure.

                                            Interestingly, my net worth, which doesn't include my house, has increased 488% since I paid of my mortgage. Could it be higher if I had been more financially aggressive? In hindsight, yes it could have. But the market doesn't operate on hindsight and we don't know what tomorrow brings. I don't regret the tradeoff I made in paying off my debt vs maximizing my assets.

                                            Yea I agree. I’d do the same thing again given that you never know the future. It’s nice not having a mortgage.
                                            "Discipleship is not a spectator sport. We cannot expect to experience the blessing of faith by standing inactive on the sidelines any more than we can experience the benefits of health by sitting on a sofa watching sporting events on television and giving advice to the athletes. And yet for some, “spectator discipleship” is a preferred if not primary way of worshipping." -Pres. Uchtdorf

                                              Comment

                                              • Bo Diddley
                                                Senior
                                                • Jul 2012
                                                • 18769
                                                #1062
                                                I should add that I would still have Mortgage even if I put all excess funds towards parking it off. We got into a house later than most.

                                                  Comment

                                                  • Copelius
                                                    Maker of eyeballs
                                                    • Dec 2012
                                                    • 4048
                                                    #1063
                                                    Originally posted by Bo Diddley View Post
                                                    I should add that I would still have Mortgage even if I put all excess funds towards parking it off. We got into a house later than most.
                                                    “Every player dreams of being a Yankee, and if they don’t it’s because they never got the chance.” Aroldis Chapman

                                                      Comment

                                                      • Jeff Lebowski
                                                        Corporate lackey for Jesus
                                                        • Nov 2008
                                                        • 69621
                                                        #1064
                                                        BB with another banger. Sadly, they deleted it after Megyn whined.

                                                        "There is no creature more arrogant than a self-righteous libertarian on the web, am I right? Those folks are just intolerable."
                                                        "It's no secret that the great American pastime is no longer baseball. Now it's sanctimony." -- Guy Periwinkle, The Nix.
                                                        "Juilliardk N I ibuprofen Hyu I U unhurt u" - creekster

                                                          Comment

                                                          • Pelado
                                                            Bald not naked
                                                            • Sep 2010
                                                            • 21131
                                                            #1065
                                                            Originally posted by Jeff Lebowski View Post
                                                            BB with another banger. Sadly, they deleted it after Megyn whined.

                                                            I...don't get it.
                                                            "I think it was King Benjamin who said 'you sorry ass shitbags who have no skills that the market values also have an obligation to have the attitude that if one day you do in fact win the PowerBall Lottery that you will then impart of your substance to those without.'"
                                                            - Goatnapper'96

                                                              Comment

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