Cad
scientia potentia est
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The nice thing about a 15 vs. paying extra on a 30 is that the 15's have lower interest rates so your extra payment goes to more principal. It's not dramatic but every % helps.
Home buying thread
- Thread starter Pasteton
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Guest, did you like the last podcast notification?? Well here's the second one, and for the third podcast! Yep. This Thursday 8-8-24 at 7pm Central
Go here to check out his podcast thread for info on topics and links!Go into the FoH discord and find the Happy Time Fun Hour channel and give it a listen!
Yeah its nice but I may be willing to pay a bit for the flexibility like Picasso was saying. Its nice to have my cushion cash in my account and then once I get a few grand above my comfort level I just put it into the home's principal. I'm also fully aware it is not the best use of excess cash but it makes me feel good doing it.
Jysin
Ahn'Qiraj Raider
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If you are referring to extra payments (on top of regular mortgage schedule), those extra payments should be going to principle only regardless of 15 or 30 yr mortgages.
Big Phoenix
Pronouns: zie/zhem/zer
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"Included" is not free.
And closing cost shouldn't be a factor for selling unless you elect to give the buyer some help.
Noodleface
A Mod Real Quick
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Cad
scientia potentia est
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Obviously but since the interest rate is lower on a 15 more of your total money expended will be going to principal than with a 30, all else being equal.
Jysin
Ahn'Qiraj Raider
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opiate82
Bronze Squire
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In today's low-interest environment, even if you can afford the 15 year payment it is worth looking into getting the 30 year and rather than paying extra towards principal, invest the extra payment.
Obviously paying extra towards principal is a "guaranteed return" but even a risk-averse investment strategy can probably yield better returns plus you have more liquidity in your cash should you need it.
Obviously paying extra towards principal is a "guaranteed return" but even a risk-averse investment strategy can probably yield better returns plus you have more liquidity in your cash should you need it.
meStevo
I think your wife's a bigfoot gus.
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Somewhat relevant to this thread, as now that I've moved out of our house we're selling it (under contract after 2 days on market, yay!).
I was surprised to read that the profit on a home sale for most people is tax free.
Tax Aspects of Home Ownership: Selling a Home - TurboTax Tax Tips & Videos
I was surprised to read that the profit on a home sale for most people is tax free.
Tax Aspects of Home Ownership: Selling a Home - TurboTax Tax Tips & Videos
Palum
what Suineg set it to
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It never even occurred to me I may need to pay taxes on the sale of my house. Glad to see I don't get the government ram rod up my ass on this transaction.
My coworker sold his house without really knowing where to move to next. He's now looking into building a home and I don't think he understands how long the process takes. He's going to be staying with another coworker with himself, his wife and his 2 year old daughter. They move out of their home at the end of this month and haven't even committed to a builder, where to build or anything.
Brahma
Obi-Bro Kenobi-X
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Ok...
I literally have found the perfect house for my family. Well within the price range I was looking for. (My mother is old and has moved in, need a larger place). BUT I would be doing an extra 30-40 minutes on my commute, which is currently 20 minutes. Would you do this?
I literally have found the perfect house for my family. Well within the price range I was looking for. (My mother is old and has moved in, need a larger place). BUT I would be doing an extra 30-40 minutes on my commute, which is currently 20 minutes. Would you do this?
Borzak
Bronze Baron of the Realm
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I did 1-1/2 hour commute for a while. It didn't bother me but some people hate it. It was all at 80mph, traffic but it was all going wide open at work times on the interstate. I like it actually. I got to get my head clear and took care of a lot of business on the phone allowing me less time in the office. If it had been stop and go traffic I wouldn't have put up with it.
Nobody in our shop or office lived within an hour. Some guys couldn't put up with it no matter the pay and didn't last long.
I like no matter how bad the commute or work was when I got home I was where I wanted to be.
Nobody in our shop or office lived within an hour. Some guys couldn't put up with it no matter the pay and didn't last long.
I like no matter how bad the commute or work was when I got home I was where I wanted to be.
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An hour+ in Boston traffic? Might as well kill yourself.
That's hyperbolic, but I really detest stop and go traffic. My commute is only 3 stop lights, under 15 minutes, and I still manage to be pissed off by the time I'm home due to how retarded the NE is with their traffic lights(NOTHING TALKS TO EACH OTHER) and you almost always run into some idiot/slow person.
That's hyperbolic, but I really detest stop and go traffic. My commute is only 3 stop lights, under 15 minutes, and I still manage to be pissed off by the time I'm home due to how retarded the NE is with their traffic lights(NOTHING TALKS TO EACH OTHER) and you almost always run into some idiot/slow person.
Yeah it took us 6 months just to decide on an area and builder. It is going to be July or August by the time it is built and we started the process in February.
The co-worker offered first. I was a bit surprised because even though the dude is a nice guy and they hang out outside of work living with someone is a whole new animal. Four adults and a child under the same roof is no joke.
There are people who I consider close friends who I wouldn't let live with me for more than a week or two.... I like my space and I know some people's lifestyles don't jive with mine.
I hope that works out but more often than not I've seen friendships ruined over situations like this.
I hope that works out but more often than not I've seen friendships ruined over situations like this.