I am looking at buying a $232,000 house this summer. Starting with a 30 year mortgage.
I am putting about $75,000 down.
I will have the option to pay weekly on the mortgage (instead of monthly), which will cut the loan down to 21 years right there.
I will pay extra monthly payments which go directly to the principal. (consulting lump sums go right in after taxes.)
I expect to have the house paid off in 6 years. Maybe 7.
And if I were to loses my job, I will have a rainy-day fund of $10,000 to keep the minimum payments up.
I agree with your sentiment. I want a paid off house (again) as quickly as I can get it.
(I had one close, but I gave it/sold it to my sister when she started a family and I took off gallivanting around the country.)
Don't let the [EMAIL PROTECTED]@rds get you down. Or get all your money. Or stop you from building wealth the way most Americans do - through home ownership.
Jerry Johnson
>>> [EMAIL PROTECTED] 03/16/04 10:34AM >>>
/me goes back to work, determined to pay for a house outright ... Sooner
than later ...
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