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Thread: Mortgage brag
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Wed, Sep 27th, 2017, 04:20 PM #1
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In 2008 we got one of the last 40 year mortgages granted before they changed the rules.We went with the Royal Banks' double up option which allows double payments,and a yearly principle payment.We hit it as hard as we could on an average household income,basically living like we were on welfare and only doing needed repairs to the old shack.9 years and 4 months later,I am delighted to announce that I made a small lump sum payment today and paid the balance and discharge fees off.We will get the final papers in a week or so. I will lose my job in two years,due to our facility be privatized,and am so glad not to have this debt to worry about.Btw,it was nearly 240,000.,those double payments made a huge difference,and even a small principle payment yearly helped enormously.
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Wed, Sep 27th, 2017, 05:41 PM #2
You are my hero! I am looking for the formula to have mine paid off in October 2019. All the advice I can get! Here is my balance . $55953.77, 2.51%, bi-weekly, 338.00 principal & interest, 2yrs, 1 month left. Somebody out there has the formula and keep it simple please. If its complicated I can't follow it. btw I can double up payments and 15% each year as far as I know.
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Wed, Sep 27th, 2017, 05:55 PM #3
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wow OP
that's a huge brag
congrats
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Wed, Sep 27th, 2017, 07:55 PM #4
It's an amazing sense of freedom. We paid ours off 7 years ago and the relief is amazing, especially if your job is precarious. DH was just downsized and not having a mortgage men's no panic as I can carry everything so he can focus on finding something he loves, not something to pay the mortgage.
Friends don't let real friends pay full price.
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Thu, Sep 28th, 2017, 10:26 AM #5
That is amazing. Hard to do with kids, life etc. But the sooner you remove that shackle the better.
Are you being offered more credit cards, loans and ploc now? >:|
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Thu, Sep 28th, 2017, 10:57 AM #6
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Very difficult to do but soooo worth it. We have been mortgage free for a good number of years and it is a wonderful feeling.
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Thu, Sep 28th, 2017, 05:17 PM #7
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Thu, Sep 28th, 2017, 05:29 PM #8
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Congratulations.
Short answer : no Long answer : NOOOOOOOOOOO!
Welcome to the Penguinocracy..One Penguin, One vote..I am The Penguin..I have the One Vote
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Sat, Sep 30th, 2017, 11:38 AM #9
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that is fantastic!!!!!!! wtg!!!!
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Sat, Sep 30th, 2017, 01:53 PM #10
So jealous. I bought my first house at 32 and probably won't pay off the mortgage until my mid 40s. I'm going it alone though, no spouse to help.
Must be a great feeling to know you can better handle an unexpected job loss or other emergency without that huge payment.
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Tue, Oct 3rd, 2017, 06:30 AM #11
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You can use the calculator below,
https://www.superbrokers.ca/tools/mortgage-calculator/
The 15 % pre payment you can make without any penalty depends on the original mortgage amount you had when you started your current term.
So if you had say $ 100,000 mortgage at the start of the current term ( I am assuming its a 5 year term ) , and now you only have $ 55,953.77 left ,but you can still make $ 15,000 pre payment i.e 15 % of $ 100,000 ( or whatever the original amount was ) and not just 15 % of $ 55,953.77.
Plus the pre payment, some banks base it on a calendar year, so Jan 1 to Dec 31 , some base it on mortgage anniversary year. So if you took the mortgage in October. October ,2017 to October 2018, will be considered the year.
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