Mousmc
Confused about dryer sheets
So I am a firm believer in paying off debt OVER investing. Don't get me wrong..my wife and I both invest 10% of our pay into our 401Ks, we both have a Roth IRA etc. We also both want to pay our mortgage off early. Here is how we have been doing it. I downloaded and bought the "Early Mortgage Payoff" calculator on the Retire Early website. It's pretty cool, about $20 bucks and it is very detailed and very accurate. Anyway, we have had our house for 3 years and we initially started off by paying $50 dollars extra towards the principal every month. Since then, every year, when we get our raises, we have increased the extra principal payment by $50 dollars...So Year 1 $50 extra, Year 2 $100, Year 3 $150 and so on and so on. We barely notice the money because we do it with our raises. So I punched this example into the calculator and our 30 year fixed rate loan of 6% will be paid off in a total of a little over 13 years. My question is, does anyone have a better way of donig this? I've read about MMAs and all that bull crap, and I will never try it. Anyway..Just curious. If you need any more details just ask. I will check this thread regularly.