Comments on: How to Pay Down Your Mortgage Faster http://advancedpersonalfinance.com/how-to-pay-down-your-mortgage-faster/ Moving beyond the basics Wed, 19 Nov 2008 13:28:11 +0000 http://wordpress.org/?v=2.2.2 By: Jeff B http://advancedpersonalfinance.com/how-to-pay-down-your-mortgage-faster/#comment-34356 Jeff B Mon, 08 Sep 2008 18:41:23 +0000 http://advancedpersonalfinance.com/how-to-pay-down-your-mortgage-faster/#comment-34356 Most people don't have the discipline to invest the difference. Paying down the mortgage is a guaranteed return of money. Nobody is getting 5% in a money market so you are better off making extra mortgage payments. You will save more money in interest in the long run. Most people don’t have the discipline to invest the difference. Paying down the mortgage is a guaranteed return of money. Nobody is getting 5% in a money market so you are better off making extra mortgage payments. You will save more money in interest in the long run.

]]> By: Advanced Personal Finance » Blog Archive » The Cost of Prepaying http://advancedpersonalfinance.com/how-to-pay-down-your-mortgage-faster/#comment-480 Advanced Personal Finance » Blog Archive » The Cost of Prepaying Wed, 22 Aug 2007 09:21:21 +0000 http://advancedpersonalfinance.com/how-to-pay-down-your-mortgage-faster/#comment-480 [...] may want to subscribe to my RSS feed.We prepay our mortgage. I’ve written about before about my thinking on the matter. Basically, for me the psychological benefit of having the mortgage paid off outweighs the [...] […] may want to subscribe to my RSS feed.We prepay our mortgage. I’ve written about before about my thinking on the matter. Basically, for me the psychological benefit of having the mortgage paid off outweighs the […]

]]> By: Lazy Man and Money http://advancedpersonalfinance.com/how-to-pay-down-your-mortgage-faster/#comment-343 Lazy Man and Money Mon, 16 Jul 2007 23:23:48 +0000 http://advancedpersonalfinance.com/how-to-pay-down-your-mortgage-faster/#comment-343 I don't necessary agree in paying down your mortgage faster, but at least you acknowledge that you've thought about investing it and chosen to go the other way. It's a grey area in personal finance and the better move is the one that you are most comfortable with. I would personally lose sleep knowing the hundreds of thousands that I'd be "missing out on" by not investing. I don’t necessary agree in paying down your mortgage faster, but at least you acknowledge that you’ve thought about investing it and chosen to go the other way. It’s a grey area in personal finance and the better move is the one that you are most comfortable with.

I would personally lose sleep knowing the hundreds of thousands that I’d be “missing out on” by not investing.

]]> By: aa http://advancedpersonalfinance.com/how-to-pay-down-your-mortgage-faster/#comment-339 aa Mon, 16 Jul 2007 16:06:15 +0000 http://advancedpersonalfinance.com/how-to-pay-down-your-mortgage-faster/#comment-339 Peace of mind only comes when you're close to it. Peace of mind only comes when you’re close to it.

]]> By: anonymous http://advancedpersonalfinance.com/how-to-pay-down-your-mortgage-faster/#comment-338 anonymous Mon, 16 Jul 2007 15:27:58 +0000 http://advancedpersonalfinance.com/how-to-pay-down-your-mortgage-faster/#comment-338 I agree completely with this. My wife and I put somewhere between 1/3 and 1/2 of "extra" money toward our mortgage. This includes bonuses, ESPP money, stock option money, etc.. Over the last 5 years, we've cut our mortgage balance from $220K to $143K, and we're hoping to have it paid off by the end of 2010. I would never prepay a mortgage in lieu of other savings, but once you have other savings plans in place pre-paying a mortgage is a smart move, both for the peace of mind and the diversification benefits. I agree completely with this. My wife and I put somewhere between 1/3 and 1/2 of “extra” money toward our mortgage. This includes bonuses, ESPP money, stock option money, etc..

Over the last 5 years, we’ve cut our mortgage balance from $220K to $143K, and we’re hoping to have it paid off by the end of 2010.

I would never prepay a mortgage in lieu of other savings, but once you have other savings plans in place pre-paying a mortgage is a smart move, both for the peace of mind and the diversification benefits.

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