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Mortgage free age

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    #152
    kaymin
    Registered Users Posts: 1,529 ✭✭✭kaymin


    ~34 I think (41 now). Hated having debt and bought well within my means which helped accelerate the repayment.


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    #153
    TheAnalyst_
    Registered Users Posts: 1,371 ✭✭✭TheAnalyst_


    By paying off 17 euro you've saved approx 10 euro in interest (4% rate with 25 years to run).


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    #154
    ted1
    Registered Users Posts: 23,535 ✭✭✭✭ted1


    TheAnalyst_ wrote: »
    By paying off 17 euro you've saved approx 10 euro in interest (4% rate with 25 years to run).

    Well then the bank have made a mistake.


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    #155
    Yourself isit
    Closed Accounts Posts: 3,257 ✭✭✭Yourself isit


    Bandana boy wrote: »
    In your case at such a bad interest rate , i would pay of as much as I could early , as soon as you get out of negative equity you should be able to renegotiate the loan to something more reasonable


    Folks on trackers you could argue would do better to invest spare cash as it will probably outperform the cost of the tracker

    He's rate is about the standard for retail rates in Ireland. BOI is 4.2%


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    #156
    air
    Registered Users Posts: 2,822 ✭✭✭air


    Bought towards the end of the boom and on a variable rate unfortunately but should have it paid off by 36. Shouldn't ever need to sell/upgrade unless relocating hopefully. Hope to retire early.


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    #157
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Mod note

    No more discussion of ted1's situation please. The OP asks a simple question. If you want to discuss banking specifics please do so in the banking forum


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    #158
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    TheAnalyst_ wrote: »
    Your sums are way off but its a good example of the financial ceaselessness of the "pay it off as early as possible" crew. 
    Your sums should include current investment rates. You are nearly always better off putting your additional money into a pension fund. Particularly if, like me, you're paying a very low rate (1.4%).

    It's very wise to pay off your mortgage as fast as possible. Not only will it save you 1000's in interest but it will free up all that money you are paying every month with for a lot of people means 1k or more extra disposable income along with the security of not worrying about paying for the roof over your head.


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