Comments on: Paying Off Our Mortgage in Five Years http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/ Thoughts on the Journey Thu, 08 Jan 2009 03:02:09 +0000 http://wordpress.org/?v=2.7 hourly 1 By: John http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/comment-page-1/#comment-29944 John Tue, 23 Oct 2007 20:27:34 +0000 http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/#comment-29944 Paying off a home in 5 years!? Possible!? YOU BET!! I think it is admirable at every level to get serious about leaving debt (all debt) in the rear view window. Paying off a home in 5 years!? Possible!?
YOU BET!! I think it is admirable at every level to get serious about leaving debt (all debt) in the rear view window.

]]> By: louise http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/comment-page-1/#comment-29863 louise Sat, 06 Oct 2007 22:43:13 +0000 http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/#comment-29863 Good for you! I am also trying to pay off our mortgage in 5 years, you are right that many people rarely encourage it. I have found blogging really helps me stay motivated. Good luck and I look forward to following your progress. Good for you! I am also trying to pay off our mortgage in 5 years, you are right that many people rarely encourage it. I have found blogging really helps me stay motivated. Good luck and I look forward to following your progress.

]]> By: dave http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/comment-page-1/#comment-29858 dave Fri, 05 Oct 2007 15:53:40 +0000 http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/#comment-29858 ariah... i would recommend that you look into acorn housing for your loan - if you qualify (either by income or location of home you are purchasing), you can get an interest rate lower than elsewhere on top of not needing to put money down (and no pmi). they do some really cool thinks with their housing stuff... as for paying of your mortgage in five years? very, very impressive, if it is possible. <i>so wouldn’t it make more sense to save and then pay it all off at once? </i> No... if you do this, you are still paying rent, probably for years, that you will never "recover." But if you buy a house, you will almost assuredly (though not guaranteed) be able to recover every penny that you spent on the mortgage. Further... you only pay 3 times the price of the house if you actually hold on to the house for 30 years, which very few people do. ariah… i would recommend that you look into acorn housing for your loan - if you qualify (either by income or location of home you are purchasing), you can get an interest rate lower than elsewhere on top of not needing to put money down (and no pmi).

they do some really cool thinks with their housing stuff…

as for paying of your mortgage in five years? very, very impressive, if it is possible.

so wouldn’t it make more sense to save and then pay it all off at once?

No… if you do this, you are still paying rent, probably for years, that you will never “recover.” But if you buy a house, you will almost assuredly (though not guaranteed) be able to recover every penny that you spent on the mortgage.

Further… you only pay 3 times the price of the house if you actually hold on to the house for 30 years, which very few people do.

]]> By: The Great House Adventure at Trying to follow http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/comment-page-1/#comment-29853 The Great House Adventure at Trying to follow Fri, 05 Oct 2007 01:59:35 +0000 http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/#comment-29853 [...] visiting! (p.s. this box will go away after a few more visits Thanks for all the feedback on the last couple house posts everybody! I’m realizing there are quite a few more interested parties [...] [...] visiting! (p.s. this box will go away after a few more visits Thanks for all the feedback on the last couple house posts everybody! I’m realizing there are quite a few more interested parties [...]

]]> By: “feeds” « MathGirl http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/comment-page-1/#comment-29852 “feeds” « MathGirl Fri, 05 Oct 2007 00:56:24 +0000 http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/#comment-29852 [...] this guy wants to pay off his mortgage in 5-years - can he do it?  how realistic is that?  stay tuned to [...] [...] this guy wants to pay off his mortgage in 5-years - can he do it?  how realistic is that?  stay tuned to [...]

]]> By: Jody Stickle http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/comment-page-1/#comment-29851 Jody Stickle Thu, 04 Oct 2007 20:51:30 +0000 http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/#comment-29851 i still can't help but feel like you are paying 3x's the amount for a house when you take out a loan. i mean, when you consider the interest paid on a house you really are paying WAY more the the amount you feel like you are paying. right? so wouldn't it make more sense to save and then pay it all off at once? sounds crazy, i know, but only b/c our culture tells us it is. if you saved $90,000 you would only pay that for the house without all of the interest. right? i'm no expert on this, but i do have a loan on my car. and i hate that i am paying several thousand more than i signed on for simply b/c i didn't save and pay it off from the beginning. just a few thoughts for you. i still can’t help but feel like you are paying 3x’s the amount for a house when you take out a loan. i mean, when you consider the interest paid on a house you really are paying WAY more the the amount you feel like you are paying. right? so wouldn’t it make more sense to save and then pay it all off at once? sounds crazy, i know, but only b/c our culture tells us it is. if you saved $90,000 you would only pay that for the house without all of the interest. right? i’m no expert on this, but i do have a loan on my car. and i hate that i am paying several thousand more than i signed on for simply b/c i didn’t save and pay it off from the beginning. just a few thoughts for you.

]]> By: Aaron Linne http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/comment-page-1/#comment-29850 Aaron Linne Thu, 04 Oct 2007 15:39:41 +0000 http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/#comment-29850 I completely encourage and support your decision to *try* to knock out the mortgage in 5 years. The new home we just bought is under an 80/20 loan. We're hoping to knock the 20$ part out in five years. If you can knock your whole mortgage out in five... more power to you! I would say to be reasonable and be comfortable in not knocking it out in five. If you pay it off in 10 (even 15) you'll be doing better than the majority of America. Paying off the house is incredibly important; living like no one else today so you can live like no one else in five years (which, I know to you means giving away all that extra money) is a fun, exciting ride. I've actually considered starting to blog more openly about our finances... if we expect our churches to be open about their budgets, shouldn't we? I completely encourage and support your decision to *try* to knock out the mortgage in 5 years.

The new home we just bought is under an 80/20 loan. We’re hoping to knock the 20$ part out in five years. If you can knock your whole mortgage out in five… more power to you!

I would say to be reasonable and be comfortable in not knocking it out in five. If you pay it off in 10 (even 15) you’ll be doing better than the majority of America.

Paying off the house is incredibly important; living like no one else today so you can live like no one else in five years (which, I know to you means giving away all that extra money) is a fun, exciting ride.

I’ve actually considered starting to blog more openly about our finances… if we expect our churches to be open about their budgets, shouldn’t we?

]]> By: Kathy T. http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/comment-page-1/#comment-29847 Kathy T. Thu, 04 Oct 2007 14:23:34 +0000 http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/#comment-29847 Though the national and regional media scream that this is a horrible time to buy, it's actually a very good time to buy. Housing prices have dipped somewhat and with sellers anxious, they are more likely to negotiate. My advice is to get your mortgage loan through someone local, first of all.. and preferably through a bank or a lender backed by a bank. I think it's very admirable that your goal is to pay it off in five years. Besides plain lack of money, people don't pay off mortgages because of the tax advantages of having one. But if I had a choice of a tax-write-off or owning a home outright, I'd pick the loan payoff any and every day! Good luck! Though the national and regional media scream that this is a horrible time to buy, it’s actually a very good time to buy. Housing prices have dipped somewhat and with sellers anxious, they are more likely to negotiate.

My advice is to get your mortgage loan through someone local, first of all.. and preferably through a bank or a lender backed by a bank. I think it’s very admirable that your goal is to pay it off in five years. Besides plain lack of money, people don’t pay off mortgages because of the tax advantages of having one. But if I had a choice of a tax-write-off or owning a home outright, I’d pick the loan payoff any and every day! Good luck!

]]> By: Phil http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/comment-page-1/#comment-29844 Phil Thu, 04 Oct 2007 04:25:14 +0000 http://blog.iamnotashamed.net/2007/10/03/paying-off-our-mortgage-in-five-years/#comment-29844 What are your plans for your house? Will it be just your family living there, or others also? And how many rooms do you have? What are your plans for your house? Will it be just your family living there, or others also? And how many rooms do you have?

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