Some of you may remember this thread about landlording... https://sigforum.com/eve/forum...935/m/9500001705/p/1

I decided I didn't want to fuck with the rental bullshit and the cash was much more useful in one lump sum for me.

Well fast forward a little bit, I've since closed on my home as of a few weeks ago and got the condo cleaned up for sale. Received a cash offer for a number I could very easily live with, no contingencies, no inspection period. Done. Cash in hand.

Ran an amortization to see how much I wanted to roll in to the house (I cannot be trusted with that much cash), ultimately I rolled $100k in and it reduced the interest by $320k and cut the term down to about 13.5 years from 30. I haven't so much as made the first mortgage payment yet, so needless to say I'm very happy. I have no interest in recasting the mortgage, I'm going to continue paying on it as is and will push to be in a fuck you position as soon as possible.

I realize I would have likely re-financed at some point and the chances of me paying the mortgage in full at this rate is very low, but let me have this one.

Now I need to order some more ammo.

You did a wise thing.

Congrats Mike!

Yeah, if you can afford to shorten the term significantly, you will always save significantly in the end.

Getting rid of the condo and applying the proceeds from it into your new home mortgage sounds wise, congratulations!

Good call. Congratulations!

Nothing beats lowering your debt. Let us know when you get to do a debt free scream. It's a wonderful feeling.

quote:

I have no interest in recasting the mortgage

First, congratulations! Second, that would be silly.

Wait until the interest rates fall, then refinance to 15 year loan, but still pay the 13.5 year number at higher interest rates. Obviously I don't know all your numbers, but you'd likely end up paying same mortgage payment, but having it done in 9-10 years.

Smart plan you made. Congrats and enjoy the savings.

Any time you can walk away from a condo HOA is a win!

Nice.

You done good. That's a lot of interest saved!

quote:

Originally posted by PASig:
Any time you can walk away from a condo HOA is a win!

The HOA was one of the hash marks on the side of "move out/sell condo".

Congrats! Wins are nice. Money wins are even nicer.