I'm with you. It's stress off your mind and it feels good knowing you won't have to give up a part of your income every month.

If I ever have children I will teach them very thoroughly that everything is a lie all the time and they should just focus on not losing their money

>>62422224
>>62422244
Agreed.

You always here the argument that locking in a low rate for 30 years below the rate of inflation is the ultimate "genius" move, but nobody talks about the stress involved with knowing you're going to have to make 360 payments over the rest of your life, and if you miss multiple payments in a row due to an emergency, it's possible you'll lose all of the equity you put into the home in the first place.

It's better to pay it off as soon as possible, which guarantees you have a higher monthly cash flow and the risk of losing your home is basically zero, because all you have to worry about now is the property taxes, which pale in comparison to the mortgage payments.

>>62422254
*hear

>>62422224
>the fat bald white man was right on everything all the time
He really is. Debt is a ball and chain used to enslave you. I will never take out a loan again for anything for as long as I live.

>>62422224
>Pay off house
>Property taxes skyrocket with hyperinflation
>Sheboons and pajeets move in next door
>Cant leave house
>Cant sell house without destroying your wealth
Beans and rice kid

unless theres some great benefit to keeping it
idk like a line of credit at a super low rate?
pay it off for sure

>>62422259
I wish I listened to people like him before gambling away my life savings on crypto. Nevertheless I feel that paying off this loan will make the start of a new chapter in my life. One where I am going to be the stoic and serious man who can't be tempted by shiny promises

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>>62422224
>losing my lifesavings over the past 5 years
Honestly if you lost half your life savings in one of the largest bull markets in history I'm inclined to think investing isn't for you.

For everyone that isn't retarded if your debt is has a 3% or lower interest rate you're better off putting that money in the market. Hell an HYSA would probably net you a greater return.

>>62423036
Thanks for your expertise

I lost about 50k in potential gains that would have went into the market in VOO for a house thats worth 10% less vs when i bought. at least its paid off and I dont rent. 2 years of rent would be about 50k in my area, in a way its a breakeven

>>62422224
Your accountant is right that not paying it off will save you a little bit of money in the long term.

But losing out on that tiny bit of money by removing the burden and stress of being indebted is worth it. Consider it an investment in your quality of life.

>>62423052
Indeed he also said that as a side note. I think for someone like myself it's also safer not to be tempted into yolo'ing it all

Fucking multiple men in your house is disgusting & below moral standards for any woman. Its over for you.

>>62423079
Go live in apartment if thats how you want to raise your kids. Whore.

bald man good

>>62422224
I am so glad I paid off my debt. I had an 18% signature loan for $12,800 left from college loans. Made $25k on HEX and VSBY. Paid off the loans and my credit cards. I would lhave lost all that money had I not paid the debt. It saved my ass.

>>62422224
> not believe anything anyone tells me
I agree
> the fat bald white man was right
see above

From a strictly maximize gains POV your accountant is right. But there are personal risk mgmt reasons you are right; Bill Gates aint taking loans on his personal holmes

>>62422259
>Debt is a ball and chain used to enslave you. I will never take out a loan again for anything for as long as I live.
yes, but its not that simple.
You dont have to take out loans, your govt is using debt with or without you.

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>>62422224
Yeah, not being in debt kicks ass.

>>62422224
>But if losing my lifesavings over the past 5 years taught me anything
You are a fucking retard if you lost everything in the stock market in the past 5 years. You aren't taking good advice because you are already inclined to be a stupid fucking daytrader.

If you put that money in QQQM 5 years ago, you'd have almost doubled your investment. The accountant is correct.

>>62422254
Eh. I don't mind the mortgage interest. It's a good tax deduction. Maybe after 20 years when the payment flips to mostly principle, I'll have had my fill of market exposure and then pay off the last 10 years.

But anyone rushing to pay off a low interest mortgage in the first 15 years or so because of "stress" are fucking retarded. You should be getting stressed out about setting your retirement horizon back 10 years by doing this pea brain shit.

I specifically bought a bigger house than I can afford last year because I think we are getting hyperinflation soon and getting the biggest loan you can at a fixed rate is how you profit from it, also it’s a nice house

You do you though

>>62424133
if you itemize deductions only can you deduct this on taxes which 90% don't
then once you have low interest amount left then you decide to pay it off in last 10 years?
actual retard advice

>>62424136
hyperinflation happens your bigger house is not going to save you. buy a bunch of canned food and water filters

>>62422224
>>62422244
>>62422254
>>62422259
Unless Ramsey has massively upped his shill game, to the point that his social media people are paying bots or jeets to shill him even on /biz/, I'm guessing these posts are genuine.
In which case, apparently some people really are bad enough with money that Ramsey's Odysseus-mast-tying approach to financial management makes sense.
How did you lose your life savings in this market?
And anyone with an average IQ and decent impulse control should be able to use credit cards or low-interest loans to maximize (rather than reduce) their wealth.

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>invest into another property
>How could you lose?
>invest in bonds they are stable!
>hey everyone check out my new mutual fund we only charge you up the ass to “manage” it

-Dave “Boomer” Ramsey

>>62424133
>Mortgage interest
Oh wow! Great, you get to give money to the bank and get 1/3 of it back in the form of a tax deduction if you're at the highest tax bracket level. GUESS WHAT FUCKING RETARD? THAT 2/3 is still going back to service the loan. And that's only for the INTEREST part of the payment anyway.
I'm not saying you're a retard for doing this either, just that the benefits aren't that great unless you locked up a sub 3% loan during the ZIRP days.
If you actually have the money to pay off the loan then the math gets so much fussier. If you stick your money into a money market to keep it safe you end up just paying more taxes on interest, same with divvie stocks. If you want to outperform a 5% mortgage you might get retarded and sell for a loss if the market dips below your mortgage amount because you pussy out.
I could never make the tax impact workout in my favor versus the stress of just paying it off early. And it's so nice not to have a monthly loan payment when I can just worry free throw it into even a basic bitch ETF.

>>62422224
Don't say off the loan

>>62425047
>anyone with an average IQ and decent impulse control should be able to use credit cards or low-interest loans to maximize (rather than reduce) their wealth.
If you're someone with enough liquid wealth to live off of SBLOCs or have other passive income streams, sure.
Most people are single income households, though, and are building wealth. Using debt to maximize wealth makes a lot of sense until you injure yourself or lose your job and don't have income to make minimum payments on your debt anymore.

Midwit IQ people (like you) look at how the interest rates on debt are lower than what you can earn on the market and think it's a good deal.
High IQ people (like me) know that you need to have a steady base of income set up first to meet debt obligations before you start taking risks like that.

>>62422224
How the fuck did you lose money during one of the greatest bullruns?

Paid it all off yesterday. Feels good man.

>>62429414
And by doing so I saved 19,178.38 EUR in future interest

>>62429425
Good job.
That's €19,178.38 you can now invest into much higher earning assets.

>>62429414
Now you can fuck hookers in your newly owned home instead of paying the bank

OP is a NOT a fag and is right (for once)

>>62425750
/thread

>there are mortgage cuckolds on this board

enough, im out

>>62429593
here we observe the seething rentoid. If we're patient we'll hear its mating call: ''enjoy your maintenance costs''

>>62429595
i bought cash, loser

>>62429595
>>62429596
BTFO

>>62429600
indeed

Hello guys,

OP here, I was also considering paying off the loan for my office studio, but there the case is less clear cut.

total intrest on that loan is 15,402 over a 10 year period, and I already paid off 12,160 in intrest. So most intrest has already been paid. 54 payments remaining for only 3,241 intrest remaining and capital outstanding of 91,080

so in this case, it seems barely worth it for several reasons
>the "administration cost" will probably be 600-700 EUR, to pay back earlier, only to sav 3,241 in intrests
>it's a business loan so the intrest is fiscally deductible
>that would leave me with almost zero in my account

overall I think this one seems more sensible to keep at this point, although technically I would save some money by paying it off as well right now.

Thoughts?

>>62422224
>ccountant tried to convince me that paying off the loan is a bad idea since it's a low fixed interest
of course that is a bad idea, not because of the loan, but because of the insurance you are forced to pay for that loan. Insurance today is 100% a scam, you have to sue them and spend thousands just is get 25% of what the promise you. I could rant for hours on this.

>>62422224
I paid my house off during the covid pump(thanks money skelly).
I had a 4.2 rate with 18 years left, the bankers and financial advisors were screeching, zero fucks given.
Congrats.

>>62432898
Thanks, it feels good man. I lost assloads of money on crypto and hate myself. But this makes it a bit more bareable.

>>62431112

Don't care, I saved €19,178.38 by paying the loan in one shot

>>62422261
> bleks and jeets fuck up ur investment
be wise white man & purchase in an area that is inaccessible to jeets and blacks: look for insane HOA with rules limiting cars parked in driveway/outside overnight. that's basiucally the executioners blade for non-whites

it sucks but ultimately you get what you pay for

>>62431112
what the fuck are you even trying to say? insurance is a condition of the mortgage.

>>62433796
> insurance
not enforceable. just take the risk and dont get it.

>>62433821
The mortgage company buys it for you if you don't buy it yourself

>>62422224
Never underestimate how much not making a house payment every month will enrich you. Just dump that money into VOO or something similar instead. Finance people all get mad when you tell them that borrowing money on your house to put into the stock market is a terrible idea (this is what you are effectively doing when you decline to pay off the mortgage because "muh low interest"). That is because it hurts their Hebrew livelihood.

>>62433796
He is saying that with no mortgage, he can drop the insurance. Technically true, but I would not go that route. Insurance is definitely a scam, but it is a necessary evil for some things.

>>62436511
No it's 100% a scam, you put the same money into a brokers account and it wont take long before you have the value of the item plus collecting interest.

>>62422224
>I'm days away from paying off the loan on my home. Big payday coming in over the next week.
Nice .
Congrats anon.

>Accountant tried to convince me that paying off the loan is a bad idea
>since it's a low fixed interest and I should ke ep it, reinvest the money into something else.
Bullshit, accountant can't count.
All mortgages are front loaded, you are paying mostly interest first.
There's maybe a reason to keep some mortgage payments at the end of the loan , but it is typically irrelevant to you.
>for instance, if you have a small business in US that can be sued etc.

>>62422250
>that everything is a lie all the time and they should just focus on not losing their money
True.

>>62439309
Did you read my updates? I went through with it all and saved over 19k euros total interests

>>62423036
>t. low iq
>f your debt is has a 3% or lower interest rate
For everyone retarded.
ALL MORTGAGES ARE FRONT LOADED.
You always pay INTEREST FIRST .
If you move or refinance , your mortgage gets reset, and you pay mostly interest first again.

>you though banks would give you a 3% loan, and it is indeed a 3%????
HAHAHAHAHA get real.

>>62439327
OH I just read the whole thread.
Congrats, anon. You stopped being a debt slave.

>I saved about $200K in bankster interest by paying off early.

>>62439334
Feels good man. Yet still very depressed from all my huge crypto losses. Trying to move on with what's left of my life and remaining positive

>>62439342
Just get over it and move on.
I lost lots of money in stocks when I just started on a .com crash.
Basically .com companies - went bankrupt ,crashed 90% etc. around year 2000.
You'll be alright .
Figure out what is the most important thing - to keep your money SAFE.

You got a very expensive lesson, but since you just paid off a house that's not your last food money, and you'd be ok.

>>62439309
>>that everything is a lie all the time and they should just focus on not losing their money
>True

Verily and truly indeed there is tremendous wisdom in that simplistic laughable statement. It's could have saves me like 300k worth of bad decisions over my lifetime so far (penny stocks, crypto rugs etc)

Going forward, I will follow the Bible's teachings
>Proverbs 18:11
>The rich man's wealth is his strong city, >and as a high wall in his own imagination.

Protect the city at all costs

>>62433776
Yeah I should have looked much closer at the HOA because they are not enforcing rental limits or parking in the street and my neighborhood full of 500k-800k houses is getting blacked and browned and the whole neighborhood looks like shit. I’m so fucking pissed you can’t believe it. I don’t know where all these nons are coming from. The city is a suburb and 90% white. I guess they’re coming from out of state.

>>62439348
Yes. I hope I will have children (even though they obviously cost money) and I will make sure they learn hard lessons early in life since talk is cheap but money buys whiskey

>>62439328
>all mortgages are front loaded
Just because the principal is so high? I forget the term in reference to this. But can’t you use the strategy of just making a payment the day of your monthly mortgage payment and then any payment that same day is going 100% toward that juicy prinipal?

>>62439358
You are ok.
Yep, you don't need to play a casino -
>(penny stocks, crypto rugs
when your basic stuff isn't closed - house paid off , 6-12 months worth of living expenses
in safe assets (including boomer rocks, gold and silver), etc.

Real assets is what makes real money , anon.
Real estate, small business etc .
The stock market and crypto is a casino, you need to either get good or you are goign to get effed by professionals and would keep losing money.
>or you need insider info
If you can't get good or insider info - this isn't for you.
There are numerous SAFE ways that will keep your money safe . Even boomer mutual funds.

>>62433776
Yeah I’m not getting an HOA where I need approval for literally everything, most importantly building structures on MY land. I’m just gonna keep lookin for my acreage, it’s the only way to be safe

>>62439411
I don't know if I can do a print sceen as an example.....
Go here , see what is your Total Interest paid.
Then play around with different monthly prepayment amounts.
Your Total Interest paid is going to drop significantly as you increase monthly prepayment.
I was paying extra $1000 / month, and paid off a mortgage in 13 years instead of 30.
Look at how much money you save in interest.

https://www.drcalculator.com/mortgage/

>>62422224
Your accountant is correct. The reason Dave lost everything is because he took a bunch of risky loans without having any money to pay them off. You have the money to pay off the debt if you lose a job or something, you will just take it out of your (safe and diversified) investments. The worst than can happen is you having to get the money during a downturn, but that can be mitigated

>>62422224
once you pay it off, you should get a line of credit on the house and occassionally borrow $150 or something from it and then pay it back. This helps with your credit score, but more importantly, having a lien on your house protects you somewhat from title forgery. If anyone tries to record a title change, it alerts the bank and the bank is like FU we were here first.

Also, some states and localities have a title alert system that lets you know anytime a title change is recorded. Once you pay off your mortgage, you are the only one looking out for yourself, so just throwing out some ideas to make sure you don't wake up someday with Mr. Patel stating he owns your house.

>>62422224
i just rent and vti

>>62439429
Yes brosef I learned this in the hardest way possible. At the lowest point of this long journey I nearly lost my home and everything. Never told my wife anything about it all. But few days ago I showed her evidence that my home is paid for. She was in awe. (To be sure of not being divorce rekt, I did not get married officially though, only traditionally)

I think there may be a God after all or some cosmic coincidences making me nearly crash and burn alive to only just at the final seconds before hitting the ground being able to pull up the plane and climb back up

God if you are real, thanks a lot.

>>62439471
Never going to borrow another cent in my life so no need

>>62439411
>and then any payment that same day is going 100% toward that juicy prinipal?
Yep, that's what I did.
>me and my wife
We sent extra $1000 / month with our monthly mortgage payment.
Say your mortgage payment is $1500.
>majority of it in the beginning goes towards interest
You can send $2500 check, that $1500 be a regular payment,
and $1000 will go toward principal, towards your house.
This knocks the entire amount you need to pay, and interest, very quickly.

>>62433776
That is illegal.

>>62439491
i think you are missing the bigger point of protecting yourself from title fraud. But maybe it is different in europe

>>62439485
Yeah, you were shown the way, anon.
God clearly didn't want you to lose everything, just shake off bad ideas.

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>>62422224
You can always make more money,
You cant make more time

>>62439464
>Your accountant is correct.
Yes technically, but he said that mainly in case I wanted to make a big investment in another property or something. He mentioned that presently interest rates are a lot higher than the one I had. However since I won't be taking any other loans and won't be investing in anything ever again. This was the right move

>>62439579
>You can always make more money
That's not true.

>>62439564
Maybe he wanted me to learn this lesson before my inheritance so I don't lose it on rugs

>>62439527
Yeah I got no clue what you're on about

>>62439806
Yes , possible.
90% of lottery winners and sports guys who get millions of $ randomly out of nothing.
>sports players work hard, but this still applies ,they randomly get huge money
So. 90% of them lose all money fairly quickly.
Some even become deep in dept.
Money savings and investment is a skill that you have to train.
And once you have a lot of money , you are going to have scammers everywhere
> (or even poor family members with bad ideas).
that would try to take your money.
Ideally you need to lose money 2-3 times, then survive, prosper on small amounts of money, learn how to be frugal, how to invest frugally etc.
Before you can start with big money.

Big money is just a big flag for scammers, and a MULTIPLIER.
>if you are unable to handle scammers and family with poor ideas
> on a smaller scale you won't be able to handle large money.

Where I live we don’t have 30y annuity mortgages, instead you amortize yearly either 2% or 1% depending on LTV, below 50% you only need to pay interest. We just made an extra payment to reach 50%, so now we only pay interest. At a 1.7% effective mortgage rate (after deductions) it’s very hard to justify making extra payments instead of just investing in a global index fund or HYSA, though there is a certain charm in only needing to make enough money to buy food as shelter is already paid for.

>>62439853
I probably made a mistake by telling my wife about it, she is now going to, at least subconsciously, start getting a lot of bad ideas on how to get her claws on my money

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>>62422250

>>62439853
>Ideally you need to lose money 2-3 times, then survive, prosper on small amounts of money, learn how to be frugal, how to invest frugally etc.

I lost like 25K euros in my 20's on penny stocks, which was huge for me at the time, I was destroyed, then in my 30's I lost 250K on crypto rugs, which nearly ended my life. I can say with confidence I am never ever investing in anything ever again. Never ever. Hyperinflation, or any other big scary word is not going to chang my mind either, fuck it all. Protect the city at all costs!

>>62440279
I'm probably going to make my future son lose all his childhood savings in a clever scam I will lure him into, just to prove a point and learn heart shattering lessons about money early in life

I used to drive a big fancy german flagship car, then I sold that car and lost it all on polkadot, now I drive a shitty small french economy car.

>>62422224
pay it off then you can cancel your insurance and yolo the payment on 0dte otm calls

>>62439328
>ALL MORTGAGES ARE FRONT LOADED.
ALL CAPS DOESN'T MAKE YOU RIGHT. IN FACT YOU ARE WRONG.