This morning I told my husband that both CC's were paid off, and all we have left is the truck and mortgage. (He makes the majority of the money, and I manage it. It's been like this for over 14 years, and works for us)
He got excited, saying he wanted to pay the truck off asap so we can increase the mortgage principle payment.
My question is....once the truck is paid off, shouldn't we have a 2 to 3 month EF before working on the mortgage?
What does everyone think?
Told DH the news
March 2nd, 2007 at 07:04 pm
March 2nd, 2007 at 07:08 pm 1172862498
March 2nd, 2007 at 07:21 pm 1172863282
March 2nd, 2007 at 07:28 pm 1172863702
March 2nd, 2007 at 07:55 pm 1172865351
Congratulations!!!
March 2nd, 2007 at 08:20 pm 1172866817
March 2nd, 2007 at 09:02 pm 1172869361
March 2nd, 2007 at 09:32 pm 1172871122
March 2nd, 2007 at 09:34 pm 1172871267
March 2nd, 2007 at 11:49 pm 1172879390
March 3rd, 2007 at 12:41 am 1172882498
if the mortgage is around 5-15 years old, the pay down does not work nearly as well as if it was in first 10 years.
For example, paying down my mortgage at 210 th month (17th year) will shorten from 360 months to 311 months (that's only knocking 4 years off). Same money would do better in EF or retirement fund.
March 3rd, 2007 at 01:50 am 1172886631
We do have retirement, but DH's employer does not match.
Refinanced mortgage almost 4 yrs. ago/ 30 yrs. (hope to shorten it).
March 3rd, 2007 at 02:25 am 1172888736
small EF, then accelerate mortgage.
March 3rd, 2007 at 02:45 am 1172889943
Great job on getting rid of the bad debt!!!!
YOUCANDOIT
March 3rd, 2007 at 02:56 am 1172890604
March 3rd, 2007 at 03:44 pm 1172936697