My interest rate it 4.35%... I borrowed $180k in 2011... I thought 4% I cant go wrong... untill i made my first payment and 650 bucks went straight to interest... So I ramped up my additional principal payment and have the mortgage down to 70k now with $260 going to interest right now...
I've read all kinds of financial advice saying how paying off the mortgage is the last thing you should do and gives the example of paying $16,000 in interest and getting to write it off on your taxes and getting a $4,000 refund and how great that is... yeah, it seems like a nice idea to get a refund of 4,000 but its your own money your getting back.. and you pay 16,000... get 4,000 back... but what about the 12,000 you lost to interest... how can it be better to keep the mortgage going the full 30 years.
I've read all kinds of financial advice saying how paying off the mortgage is the last thing you should do and gives the example of paying $16,000 in interest and getting to write it off on your taxes and getting a $4,000 refund and how great that is... yeah, it seems like a nice idea to get a refund of 4,000 but its your own money your getting back.. and you pay 16,000... get 4,000 back... but what about the 12,000 you lost to interest... how can it be better to keep the mortgage going the full 30 years.