It's interesting playing with the numbers with amortizations schedules on sites such as http://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx. When I was on that site a few months ago, it indicated that if I pay $400 more per month, I would knock of 10 years from the 30 year mortgage and total interest paid went from $221k to $144k on my $337k loan. Even though that's huge savings, I wouldn't pay extra on the mortgage unless I was able to max the TSP.
Mike
On Sat, Apr 30, 2016 at 7:05 AM, Nelish nelish@gmail.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
Another option for you to consider paying more towards principle.
For example if you mortgage is $1,200.00 a month divide that by 12 months in a year. This give you $100.00 add that to your mortgage. This gives you $1,300 a month payment and will reduce your loan amount.Here is a like which provides much more detail:Thanks
On Apr 29, 2016, at 7:24 PM, sticksandstones66@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:Thanks for your advice. I'm starting to see that its nice to have your house paid off , but there are always other options.
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Posted by: Mike VanAmburgh <mjv325@gmail.com>
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Neither the TSP Strategy group, nor individual members, are licensed or authorized to provide investment advice. Any statements made herein merely reflect the personal opinions of the individual group member. Please make your own investment decisions based upon your personal circumstances.
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