Deutsche Gopher Fan
Registered User
3.7 and I may not be able to afford to keep it due to taxes and insurance rising so much
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Business, Economics, and Taxes: Capitalism. Yay? >=(
- Thread starter RaceBoarder
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Kepler
Cornell Big Red
Sell the kids for food.
Deutsche Gopher Fan
Registered User
I am shocked state of MN is actually issuing me a decent amount of money next month due to my giant property tax increase this month. Equivalent to about half the premium increase for my home
Neither of these are getting much attention but we are getting slammed as well. I got my property tax bill earlier this week and it is up $1k yoy. My property insurance premium was up around $500 as well. It’s not a big deal if this is a one off but if this happens every year it eventually becomes an issue.
dxmnkd316
Lucia Apologist
My only regret is not buying an exorbitant house and mortgaging it for 30 years while living house poor for a bit while I watch my mortgage make me money.
OTOH, I'm at 2.75% and will have the house 100% paid off by the time (future first) child is in kindergarten.
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I've been insanely fortunate financially and also hope to have this new (almost 3 years here) house paid off in another 10-12 years. We did the math on a 15 year mortgage and pay that every month (plus some, sometimes). This way we kill it very early and have some flexibility if we find ourselves with that need.
But it comes down to luck and the fact that we both work in industries that stayed open during Covid (Healthcare IT/systems for me and supplements/nutrition for my gf).
But it comes down to luck and the fact that we both work in industries that stayed open during Covid (Healthcare IT/systems for me and supplements/nutrition for my gf).
French Rage
NICKERSON HAS [CENSORED]
Early on we were putting half of our leftover income into savings/brokerage and half into the prepaying the mortgage. I know some would say with 2.5% interest rate to not do any prepaying since 2.5% might as well be nothing and any reasonable market investment would beat that over the long term, but I always hated debt so even for me putting only half into prepayment was a compromise, I'd rather go 100% into prepaying. That said, once treasuries went above 4-5% as they have in the last year we've switched to going more heavily into those and not doing any prepayment for the time being.
Deutsche Gopher Fan
Registered User
It must be nice to have two incomes to pay mortgage. Every time I say that I get screamed at how it’s not
I get kids are Uber expensive and more people is more expenses but man would it be nice to have someone with any sort of income helping me. I’d ideally do a 15 year or buy a home affordable on one salary if I was a DINK to be careful yet build more safety net
I get kids are Uber expensive and more people is more expenses but man would it be nice to have someone with any sort of income helping me. I’d ideally do a 15 year or buy a home affordable on one salary if I was a DINK to be careful yet build more safety net
Deutsche Gopher Fan
Registered User
I am literally up 400/month on escrow this month alone. If that continued anywhere near a similar pace I’m fucked.
The prepayment compounds and all the savings are tax free. I think it’s a lot better deal than people realize even with a low rate. Hard to put a price on the piece of mind of having a lower balance and eventually having it paid off earlier too. I’m sure a lot of FS folks would say you should invest it all but I think you’ve made the right move.
Kepler
Cornell Big Red
I have no idea how single income families survive. I get that they save on child care but... that's it.
That’s odd people would say that to you. My wife and I are ever so lucky we both have decent jobs and it would be really tough for either of us on our own. Hopefully you run in to a hot, single Wisconsin fan with a good job someday.
bronconick
Yep, still here
Apparently that will likely get the app formerly known as Twitter booted off the Apple and Google Play stores. He's just pissed that millions have blocked him personally. It hurts his feefees.
Deutsche Gopher Fan
Registered User
It’s the two income trap and while I get it to a degree, it’s not true that a second income came help
Handyman
Hug someone you care about...
Not likely...for sure will. He is tanking the app.
Also it is being reported the vast majority of his followers are basically bots. Inactive accounts with almost no followers.
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dxmnkd316
Lucia Apologist
That's not how math works. If you can get guaranteed returns higher than your mortgage rate, the difference between the two compounds over the life of the loan. Which is to say, you're literally exponentially wrong.
if anything those prepayments could be cost you MORE in taxes depending on your situation and SALT caps. Mortgage interest is usually deductible.
if I can buy something today for $5 and sell it for $10 tomorrow, it doesn't make sense to pay off an existing loan for $5 today if it only cost $7.5 tomorrow. I'd buy the widget, sell it for $10, pay off the loan, and profit $2.50.
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