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Periodic Contributor

If my Mortgage was paid for a year?

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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.
LadyB612000
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Re: If my Mortgage was paid for a year?

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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
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Re: If my Mortgage was paid for a year?

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Message 3 of 38
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.
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Re: If my Mortgage was paid for a year?

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Message 4 of 38

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

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Re: If my Mortgage was paid for a year?

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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.

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Re: If my Mortgage was paid for a year?

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Message 6 of 38

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.

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Re: If my Mortgage was paid for a year?

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Message 7 of 38

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. 

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Re: If my Mortgage was paid for a year?

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Message 8 of 38

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

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Re: If my Mortgage was paid for a year?

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Message 9 of 38

Take a long cruise 

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Re: If my Mortgage was paid for a year?

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Message 10 of 38

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

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