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  1. 04-04-2011, 09:34 AM #1
    nuisance26
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    Question Who's on step 6?

    ~Just curious how many of us are paying down the mortgage.
    We're no-cost refinancing our 30 year(19.75 years left)to a 15 year. We'll pay $50 more but save $35 a month in interest. And obviously we're making extra principle payments.
    Who's with me? How many years do you have left(on paper)? What's your payoff goal date?~
    ~Constance ~DH ~DS 9~DD 7 ~DD 1
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  2. 04-04-2011, 10:03 AM #2
    Greebo
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    We are, but we have it on hold right now - not paying aggressively while we work on other goals.
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"

    Greebo    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
     WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three     Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!
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  3. 04-04-2011, 01:21 PM #3
    Nishu
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    When are you supposed to move on to that? Is the step before it the one where you save 15% for retirement? Is that all you do for that step, set up automatic payments to a retirement account and then move on?
    ~Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.~

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  4. 04-04-2011, 01:29 PM #4
    tervsforme
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    I am closing tomorrow on my refinance on my house. Going from a 30 year to at 15 year and my payment is only going up $20.00 per month. I have just a couple of months left on my last debt, other than the house, so once that is done, I will be paying extra on the house. The light at the end of the tunnel is getting brighter!
    ~Kim~
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  5. 04-04-2011, 01:36 PM #5
    a.nonymous
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    Quote Originally Posted by Nishu View Post
    When are you supposed to move on to that? Is the step before it the one where you save 15% for retirement? Is that all you do for that step, set up automatic payments to a retirement account and then move on?
    4, 5 and 6 are more or less in tandem.
    Saving about 15% for retirement (4) having priority, saving for kid's college (5) following and then piling into the mortgage (6) right after that.
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  6. 04-04-2011, 01:57 PM #6
    stinkbug
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    We are....we refinanced last year to a 15. But I am excellerating @ an extra 1K per month...so payoff is now 7.5 years.
    Stinkbug


    More wagging - Less barking
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  7. 04-06-2011, 09:59 AM #7
    mcsestretch
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    We just reached Baby Step 6. We're going to pay only a little extra on the mortgage this month because we want to celebrate getting here.
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