if I paid on my mortgage

**itlw8** · 03-11-2008, 03:27 PM

I just figured out that if I paid on my mortage the extra amount I have been paying on my credit cards... I would pay it off in around....................8 years.. Now THAT is a goal

**Darlene** · 03-11-2008, 03:43 PM

Go for it!

Just remember to make sure it's clear to who you pay your mortgage to that the extra is to go to the Principal.

**LexTysMommy** · 03-11-2008, 04:30 PM

I would pay off everything else first and then get EF or some savings first. Then good luck! I was thinking the same thing with mine!

**mombottoo** · 03-11-2008, 05:04 PM

I would payoff everything else first and then work towards the mortgage. Mortgage interest is still tax deductible if you file long form. You might want to consider having your mortgage rewritten into a shorter term, if you can afford the higher payments. We originally had a 30 yr., rewrote for a 15 yr., but paid it off when hubby got his ssdi settlement.

**ravenmaniac** · 03-11-2008, 05:23 PM

My dh and I are paying off our bad debt first, building an ef, then we will work on the mortgage.

**cissylu** · 03-11-2008, 10:17 PM

It alway`s feel`s good when you get something paid off.

**itlw8** · 03-18-2008, 11:24 AM

for us we are in our 50's so it needs to be paid off before either of us can retire. dh want to retire in 9 years.

The interest is tax deductible off my business income as I do family childcare. so I have to consider that also but really I pay more in interest than comes off my taxes each year.

our interest rate is ok but we refinanced to build an addition 4 years ago so we have started over paying with a 30 yr loan and being self employed I have lean times so I pay everything I can when times are good.

I should have most other debts paid off by Jan Our EF in not 6 months but is growing weekly

**NoDebtMom** · 03-18-2008, 12:10 PM

It is AMAZING to google an amortization table and run the numbers with adding extra money. The years shaved off and the end savings is astounding.

**M55FF** · 03-18-2008, 12:14 PM

I avoided getting into credit card debt so I used my money to pay off my mortgage early, took almost 7 years. Glad I did because 20 years ago when I bought my house the payments were 1,000...
they go up every year because of taxes and insurance... can you imagine what they would have been by now.

Best thing I ever did, stay out of debt. Second best thing, pay my house off early.

**M55FF** · 03-18-2008, 12:27 PM

I forgot and this is very important.

if you start to pay down the principal of your house
do it with a seperate check and clearly state in the memo area
APPLY TO PRINCIPAL and YOUR LOAN NUMBER.

so it doesnt get messed up and sent in on your payment.
Also check to make sure they get it and its applied.