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JenandMikey
life is good =)
Member since 5/07 4216 total posts
Name:
We're so blessed!
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Re: How much longer left on your mortgage?
forever isnt an option on ur poll
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Posted 4/25/08 6:00 AM  |
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Kissy331
My two miracles!
Member since 5/06 17826 total posts
Name:
Kristen
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Re: How much longer left on your mortgage?
26 years for us...We do the extra payment a year also...
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| Posted 4/25/08 7:01 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: How much longer left on your mortgage?
i have a few, our primary residence is a 30 year...we'll probably be done in 15 or so.
one of the others is a 15 with 9 left but we'll probably re-fi
another is a private loan....need to re-fi that soon into a conventional mortgage, probably a 30 yr.
I'll be 120 years old when they are all paid off 
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| Posted 4/25/08 7:09 AM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: How much longer left on your mortgage?
28 years and 11 months (although we have made one extra payment during our first year so if we continue to do that it will only be 23 years - assuming we don't refinance at some point).
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| Posted 4/25/08 7:58 AM |
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Jax430
Hi!
Member since 5/05 18919 total posts
Name:
Jackie
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Re: How much longer left on your mortgage?
29 years, 11 months and counting.
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| Posted 4/25/08 8:00 AM |
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JenBenMen
party of five
Member since 9/06 11343 total posts
Name:
Jen
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Re: How much longer left on your mortgage?
probably about 29
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| Posted 4/25/08 8:22 AM |
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TheWhiteRabbit
Thru the rabbit hole!
Member since 7/06 4412 total posts
Name:
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Re: How much longer left on your mortgage?
Posted by julz33
No, we do extra payments. He just means having NO MORTGAGE at all would make us lose a write off.
Yes, but the amount of money you save in taxes is less than the amount you're paying out.
Here's an example. Just say you pay 10% income tax (for just easier math) and your mortgage interest percentage is 5%. So you spent $13,000 in interest this particular year. The tax that you would save is $1,300 (based on that 10% tax bracket.) So you SAVED $1,300. YOU THREW AWAY $13,000 in interest payments! Does that sound like a good deal??
I am a tax accountant and that is the NUMBER ONE misconception people have.
I usually tell my clients: "You give me $13,000 and I'll pay $1300 of your tax. Would you do that?" NO ONE takes me up on that 
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| Posted 4/25/08 9:24 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: How much longer left on your mortgage?
Posted by KittyTheStray
Posted by julz33
No, we do extra payments. He just means having NO MORTGAGE at all would make us lose a write off.
Yes, but the amount of money you save in taxes is less than the amount you're paying out.
Here's an example. Just say you pay 10% income tax (for just easier math) and your mortgage interest percentage is 5%. So you spent $13,000 in interest this particular year. The tax that you would save is $1,300 (based on that 10% tax bracket.) So you SAVED $1,300. YOU THREW AWAY $13,000 in interest payments! Does that sound like a good deal??
I am a tax accountant and that is the NUMBER ONE misconception people have.
I usually tell my clients: "You give me $13,000 and I'll pay $1300 of your tax. Would you do that?" NO ONE takes me up on that
thank you for explaining that better then I could!
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| Posted 4/25/08 9:32 AM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: How much longer left on your mortgage?
Over 20 - probably 28 years since we only moved in a year and a half ago!
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| Posted 4/25/08 9:33 AM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: How much longer left on your mortgage?
until 2027
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| Posted 4/25/08 11:15 AM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: How much longer left on your mortgage?
29 yrs & 3 months! 
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| Posted 4/25/08 11:31 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: How much longer left on your mortgage?
technically over 20, but we plan on selling in a few years. I would like the next house to have a 15 or 20 year mortgage.
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| Posted 4/25/08 11:38 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: How much longer left on your mortgage?
29 years 5 months. But we'll be either refinancing or taking out a larger HELOC in order to expand the house.
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| Posted 4/25/08 12:01 PM |
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MommyTeffi
Yummy!!!
Member since 2/06 1827 total posts
Name:
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Re: How much longer left on your mortgage?
Posted by KittyTheStray
Posted by julz33
No, we do extra payments. He just means having NO MORTGAGE at all would make us lose a write off.
Yes, but the amount of money you save in taxes is less than the amount you're paying out.
Here's an example. Just say you pay 10% income tax (for just easier math) and your mortgage interest percentage is 5%. So you spent $13,000 in interest this particular year. The tax that you would save is $1,300 (based on that 10% tax bracket.) So you SAVED $1,300. YOU THREW AWAY $13,000 in interest payments! Does that sound like a good deal??
I am a tax accountant and that is the NUMBER ONE misconception people have.
I usually tell my clients: "You give me $13,000 and I'll pay $1300 of your tax. Would you do that?" NO ONE takes me up on that
[/QUOTe]
Thank you for stating these facts. Our families thought we were crazy for not getting a small mortgage. I had to keep repeating myself that the fees involved and tax deductions were worthless when we could buy the house outright. We didn't even suffer as bad as thought with our taxes ( due to not having any interest deductions).
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| Posted 4/25/08 12:09 PM |
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2Pisces
Life Coach
Member since 2/06 3337 total posts
Name:
Paige
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Re: How much longer left on your mortgage?
27...DH wants to make it shorter...we'll see 
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| Posted 4/25/08 12:13 PM |
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MrsRbk
<3 <3 <3 <3
Member since 1/06 19197 total posts
Name:
Michelle
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Re: How much longer left on your mortgage?
probably less than 5 yrs.
My husband takes a large portion of his yearly bonus and pays it down. Since we have an IO mortgage, he pays extra to the principal every month (we usually pay 2x more than what is due each month).
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| Posted 4/25/08 12:25 PM |
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HarleyGirlFLA
Come on in
Member since 5/05 9674 total posts
Name:
Mel
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Re: How much longer left on your mortgage?
28 years
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| Posted 4/25/08 12:32 PM |
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happydays
LIF Adolescent
Member since 8/06 513 total posts
Name:
working my way to 1000 posts!
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Re: How much longer left on your mortgage?
27 years and counting down.
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| Posted 4/25/08 1:07 PM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: How much longer left on your mortgage?
Posted by KittyTheStray
Posted by julz33
No, we do extra payments. He just means having NO MORTGAGE at all would make us lose a write off.
Yes, but the amount of money you save in taxes is less than the amount you're paying out.
Here's an example. Just say you pay 10% income tax (for just easier math) and your mortgage interest percentage is 5%. So you spent $13,000 in interest this particular year. The tax that you would save is $1,300 (based on that 10% tax bracket.) So you SAVED $1,300. YOU THREW AWAY $13,000 in interest payments! Does that sound like a good deal??
I am a tax accountant and that is the NUMBER ONE misconception people have.
I usually tell my clients: "You give me $13,000 and I'll pay $1300 of your tax. Would you do that?" NO ONE takes me up on that
But what if you have the amount of money equal to what you owe on your mortgage in banks and investments at a similar interest rate to your mortgage interest rate? Theon wouldn't you be ahead?
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| Posted 4/25/08 1:27 PM |
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Re: How much longer left on your mortgage?
1 year down and many, many more to go 
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| Posted 4/25/08 2:02 PM |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: How much longer left on your mortgage?
i answered the poll 
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| Posted 4/25/08 2:45 PM |
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TheWhiteRabbit
Thru the rabbit hole!
Member since 7/06 4412 total posts
Name:
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Re: How much longer left on your mortgage?
Posted by julz33
But what if you have the amount of money equal to what you owe on your mortgage in banks and investments at a similar interest rate to your mortgage interest rate? Theon wouldn't you be ahead?
Absolutely! It depends on how your money is working for you, what return you’re getting on your money. Most of my clients are not earning the amount of money they are losing, but I have done a detailed analysis for some of them for just that reason.
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| Posted 4/25/08 2:46 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: How much longer left on your mortgage?
Posted by niikki-8-18-06
Posted by Beth1210
Posted by julz33
Over 20, I think around 26. I wanted to pay it off sooner but DH said NO, bnecause we have a really low interest rate and because of the tax wright offs.
you save more in interest by paying 1 extra payment a year then you would ever save writing it off for that long
the first 5 years are mostly interest- after that- the write off is very small
on a 30 year fixed- you would save about 7 years
around here that would be about $100K
you aren't saving that on your taxes
I can recommend a great book if you want to prove it to him
We do the extra payment.
So do we. I have two mortgages my first is a 30 so we have a little less than 28 years left and on our 2nd which is a 20 year we have a little less than 19. I hope to pay off the second in the next 5.
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| Posted 4/25/08 4:32 PM |
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LemonHead
Sour Girl
Member since 3/08 5271 total posts
Name:
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Re: How much longer left on your mortgage?
29 years- we just had our first anniversary in our house.
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| Posted 4/25/08 4:48 PM |
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MrsR51807
LIF Infant
Member since 10/07 107 total posts
Name:
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Re: How much longer left on your mortgage?
28 yrs
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| Posted 4/25/08 5:54 PM |
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