So excited about knocking nearly 14 years off our mortgage!

[Suz D]

Just had to share with my fellow Budget Boarders. We closed on the refi for our house yesterday. We had about 27 years left on a 30 year mortgage. We put another $34,000 down on our new loan, reduced it to a 15 year, and reduced the interest from 4.62% to 3.25%. We're keeping our payments the same (it's not very much extra, but every little bit helps right?) and we're on an every other week payment plan so we make 1 extra payment per year plus the extra $34 each payment from keeping our payment the same instead of lowering it). This means we'll be able to pay our house off in 13 1/2 years instead of 15. I love that we've gone from 27 years to 13 1/2 years.

 

[IndyJammer]

THAT is AWESOME!!!! Congrats to you guys!!!!

 

[DisneyBill]

Well done! Congrats!

 

[EvoldicA]

Congrats! Less profits for the 1%. :b

 

[j's m]

Congrats, that's awesome.

Just this morning, my DH was telling me about a friend's mortgage. They were in their house 5 years, just refinanced back to 30 years, and lowered their payment by $ 300. I don't understand why they would do that instead of what you've done.

 

[mrodgers]

Congrats, that's awesome.

Just this morning, my DH was telling me about a friend's mortgage. They were in their house 5 years, just refinanced back to 30 years, and lowered their payment by $ 300. I don't understand why they would do that instead of what you've done.

Could be simple. Income $3000, outgoing bills $3300. Refinancing reducing the payment by $300 means outgoing isn't larger than incoming.

 

[Minnesota!]

Congrats! I am hoping to do this in a few years when we can swing a bigger payment (after both kids are out of daycare!). Cutting your loan period in 1/2 has to feel amazing!

 

[MaleficentRN]

We just did the same thing. The payment went up, but we'll save a ton in interest in the long run.

 

[Riles_and_Gabe]

That is great news! You must be so excited.

 

[AllesonWonderland]

Congrats!

 

[puffkin]

We just did the same thing as well. We consolidated a home equity and our mortgage, took it down to a 15 year and are paying a couple dollars less per month. Shaved 9 years off our mortgage