Texas Proud
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- May 16, 2005
- Messages
- 17,316
Took out my mortgage in 1984. 30000.00 @ for 30 years at 10.75%. That was a good rate at the time. I knew I needed to not take 30 years to avoid all that interest. When I looked at my amortization schedule I saw that if I increased my monthly payment by 50.00 on the 1st payment, I suddenly only had a 29 year mortgage. Paid extra 50.00 each payment and then a lump sum and mortgage was retired in seven years. Debt free ever since.
Yea, those were the days.... it seems so strange now with the interest rates so low and nothing is sight to make them go up that high again...
I had you beat though... not exactly sure, but IIRC I was at 60,000 and 11.5% interest... and that was a special tax program for first time home buyers... I refied that loan twice that I can remember...
Like you, I was paying that down..... but once I got it down into the 6% range I just paid my required pmt....