How To Pay Off My Mortgage?

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Denis starts off this hour in charlotte north carolina hi dennis how are you hey dave a good thanks and uh thanks for taking my call certainly sir how can i help okay here’s the deal my wife and i just bought a house and we would put 60% down because we just sold our other house phenomenal so along with that we picked up a mortgage so i want to slam the mortgage

I’m thinking we got it we got a 30-year just to get on the boards i’m thinking going to a 15-year real soon and i’m also also provided i can we can handle that we think you can provided we can do that i’m also thinking about taking we got 14 or 15 in mutual funds and i’m thinking about taking that out as well and throwing that on the mortgage as well really get

This thing down how much do you owe go ahead how much do you owe 132 okay and what is your interest rate uh 3.6 3.6 85 i just got it we just got it yeah really interesting so yeah it’s a little high well i thought so i thought so but we were we wanted to just get this thing you know done and get in the house and then start is it a traditional mortgage it is yeah

Okay right um in your household income sir oh um i’m retired i think we’re at about 60 okay you have any money other than the 14,000 no okay you don’t have a module so you have an emergency 30 is coming in okay you have an emergency fund of any kind uh yeah yeah we’ve got about 20 uh set aside okay all right in a separate account different than the 14 correct

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Okay cool yeah i’m with your plan i would throw the 14 at it um which gets just you know you know down in the 1-1 18 or something like that we got left then and you can put that on a 15 year normally the only reason to refinance is not to go from a to a 15 i wouldn’t go to the refinance cost to do that but in order to save on interest you would refinance and i

Think you could probably save three quarters of a point i mean i’m seeing quotes i don’t know if you get on mortgage this small or not but i’m seeing quotes well down under um under three and so if you got something like 2.8 75 or 275 or something like that along those lines you know that would might be worth refinancing and then while you’re at it put it on a

15-year and then of course you just chunk money at it as fast and as hard as you can like you’re saying and then how do we make that go away well you make it go away pretty quick that way you’ll probably be done in five or six years oh that’s now we’re talking the same language yeah okay you just start just kind of start dividing it you know you say we’re dealing

With one hundred and twenty thousand and you know if we wanted to do that in ten years that be ten thousand extra i’m a year uh you know and if we wanted to do it in five years that means it’d be 20,000 extra a year that’s right yeah so that’s why i’m saying you know five six seven years something like that you’re probably going to be done mmm okay can i make one

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Statement sure one last statement i know my daughter’s listening to this right now and she’ll squeeze blood out of a rock as far as i her budget goes wanted to want to tell her that we’re gonna mom and dad are going to take care of her car payment from here on we’re going to wipe out her debt no one that just weren’t going to use this opportunity to do that she’s

Not expecting this but i thought i’d want to do this but okay dave thanks very much that’s fun i’m that’s first time anybody’s ever announced that on our show that’s very cool well done sir hey guys thanks for watching if you enjoyed this video click the subscribe button to get the latest content and check out these other great clips from the show you can do this

You know that really is a message whether you’ve got two hundred seventy thousand dollars in student loan debt or 27 thousand well you’ve got a fifty thousand dollar income a $500,000 income you

Transcribed from video
How To Pay Off My Mortgage? By The Ramsey Show – Highlights