topic Re: If my Mortgage was paid for a year? in Budget & Savings

If my Mortgage was paid for a year?

LadyB612000 — Fri, 08 Apr 2016 21:06:48 GMT

I would first make sure that when you say "Mortgage paid for a year", that it is the Principal that is paid for a year. Then I would put some of the money towards the Interest of the Mortgage and then I would pay off my high interest rate credit cards and cut them up. But with whatever is left I would stock my freezer with meat and my cabinets with canned goods.

Re: If my Mortgage was paid for a year?

howmanysecondseeds — Fri, 29 Apr 2016 17:41:47 GMT

I would first make sure that when you say "Mortgage paid for a year", that it is the Principal that is paid for a year. Then I would put some of the money towards the Interest of the Mortgage and then I would pay off my high interest rate credit cards and cut them up,then if principal paid I would tuck the rest in an Ira interest bearing account until my retirement in 6 years

Re: If my Mortgage was paid for a year?

s804940b — Thu, 20 Sep 2018 03:14:28 GMT

I would never have a mortgage after age 40. Bought a small house in a nice neighborhood at 29 and had it paid off in 10 years. Lot's of work, but now, many years later, it is paying me back and life is good.

Re: If my Mortgage was paid for a year?

DianeKAdler — Tue, 09 Oct 2018 15:17:29 GMT

I would make sure that it really is paying my principal and interst and then I would put 1/2 of the money saved into a IRA and the balance against the mortgage to pay it off quicker

Re: If my Mortgage was paid for a year?

s702498c — Tue, 09 Oct 2018 15:22:14 GMT

If my mortgage was paid for a year, I would pay off some of my family and siblings bills who are having a hard time. After that, I also hope to take my whole family - on a little vacation.. (large family) Some of them have never been able to see how beautiful this world is. I would love it if we all could be together at the same time.

Re: If my Mortgage was paid for a year?

rseneff — Tue, 09 Oct 2018 15:28:48 GMT

I would continue to pay my normal monthly mortgage payment as if nothing had changed. That amount paid in conjuction with the free payments will make a serious dent on the overall amount still owed as it would make a huge dent in the interest of the loan.

Re: If my Mortgage was paid for a year?

vr3219 — Tue, 09 Oct 2018 15:33:13 GMT

If my Mortgage was paid for a year, with no interest occurring, I would first pay off my student loan. The remaining money would go toward painting my house, replacing the french doors to my back patio, fence in my back yard, replacing my kitchen cabinets, and replacing the bathroom vanity draws which are out of date and barely functional. I would also like to use some of the money to help a family member.

Re: If my Mortgage was paid for a year?

c179991m — Tue, 09 Oct 2018 15:33:28 GMT

I would pay in the same amount every month as always, except have the payment apply 100% to the principal.

Re: If my Mortgage was paid for a year?

FHEILMAN — Tue, 09 Oct 2018 15:40:48 GMT

Take a long cruise

Re: If my Mortgage was paid for a year?

k906905c — Tue, 09 Oct 2018 15:50:49 GMT

I would rent a place further north in California near the redwoods to see whether I liked it well enough to move there permanently.

Re: If my Mortgage was paid for a year?

h969372t — Tue, 09 Oct 2018 16:04:04 GMT

Ditto!!!

Re: If my Mortgage was paid for a year?

JCooper252 — Tue, 09 Oct 2018 16:44:19 GMT

If my mortgage was paid for one year, I think we would make needed improvements to our home: kitchen appliances, update cabinets and bathrooms, re-do floors, etc. We would consider investing in another property we own too so that our children and grandchldren would have an inheritance in addition to our current home.

Re: If my Mortgage was paid for a year?

OldFroggy — Tue, 09 Oct 2018 17:09:03 GMT

If the payment(s) went to principal, interest, and escrow, like my current payments do, then I would continue to make my current payments directly to principal. That would probably shave another 5 years off of my repayment schedule, as I'm already down to having it paid off in 17 years instead of 30.

Re: If my Mortgage was paid for a year?

deons552052 — Tue, 09 Oct 2018 17:11:10 GMT

I'd take full advantage of it by using it to pay home off early,now,how do I get my mortgage paid for a year?

Re: If my Mortgage was paid for a year?

Short26 — Tue, 09 Oct 2018 17:19:12 GMT

I also would make sure that the Principal was paid, along with the interest, the taxes, the homeowners insurance and the escrow was added to. Than I would take the money, see what it added up to & hope it paid our $50,000.00 charge card debts. Being seniors, (disabled at that) living on a fixed income it’s hard paying them off, or even paying more than the minimum amounts. If that was possible than I would take me & my husband (who has been suffering with cancer for 12 years) on a mini vacation!

Re: If my Mortgage was paid for a year?

VJ412 — Tue, 09 Oct 2018 17:36:14 GMT

I wouldn't feel the trepidation of my husband retiring this year. It would give us more of a chance to pay off a couple debts that are holding us back.

Re: If my Mortgage was paid for a year?

Olif — Tue, 09 Oct 2018 17:38:17 GMT

I would make sure that Tony Salatan does NOT gain access to the place, as document are currently being filed to provide this matter!

Re: If my Mortgage was paid for a year?

VJ412 — Tue, 09 Oct 2018 17:40:16 GMT

Long story short...he NEEDS to retire.

Re: If my Mortgage was paid for a year?

p308132b — Tue, 09 Oct 2018 17:58:41 GMT

This is a good question becuase I just paid off my house last year.

Re: If my Mortgage was paid for a year?

lindawfitz — Tue, 09 Oct 2018 18:31:04 GMT

If my toal mortgage payment was paid for a year I would pay down my charge cards but I would also be on a cruise ship every other month or so because I want to travel as long as I am healthy and able. I'm over seventy and so many of my friends are developing disabilities...