This week we're going to figure out how much I'll still owe on my mortgage in a decade if I loaned out the inheritance I received from Aunt Matilda and used the resulting payments to pay it down faster.
If you haven't checked out the last two articles yet about paying down your mortgage and investing vs paying down, I encourage you to do so - those articles build up to this one.
THE SCENARIO:
Building off the last couple of articles, we're going to stick with my mortgage. To recap, here are the pertinent details:
I put $100,000 down and borrowed $350,000 to buy a house 34 months ago. The mortgage amortizes fully over 30 years, has monthly payments of $2,241.09,and the rate is 6.625%. I still owe $338,465.83, and thanks to a generous inheritance from my late Aunt Matilda,... Read more...