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Forum » Fuk misc, I could pay off my mortgage in 4 years
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Thread: Fuk misc, I could pay off my mortgage in 4 years

post 1683670223 05-30-2023, 01:14 PM
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#61
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Originally Posted By ElArteSuave⏩
neverminded then, assumed you were doing itemized. made myself a little model because I have properties in three different states, basically gives you all the pertinent details
Nah at 2.5% I only pay like $5K a year in interest
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post 1683670383 05-30-2023, 01:19 PM
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Originally Posted By Jacobcapra⏩
Nah at 2.5% I only pay like $5K a year in interest
it still comes off your income though, if I was you id buy some t-bills (ladder em out), better to put your money there and get a 5.5% return, rather than pay off mortgage which would be returning only 2.5%.
post 1683670653 05-30-2023, 01:23 PM
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Originally Posted By ElArteSuave⏩
it still comes off your income though, if I was you id buy some t-bills (ladder em out), better to put your money there and get a 5.5% return, rather than pay off mortgage which would be returning only 2.5%.
See above post. I can put all my savings into investments and get that 5%, then just payoff my mortgage from my investments and be able to put considerably more principle into the investment vehicles. By the time I would've paid off my mortgage in 2051, I'd have more money if I pay it off early than if I don't. Assuming a 5% return. But the caveat is that I don't break even until 2048.
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post 1683670743 05-30-2023, 01:25 PM
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Originally Posted By friesbruh⏩
Forgot about this, but damn never realized how hard I skull mog my wife until you slapped her head on my body.
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post 1683670983 05-30-2023, 01:28 PM
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post 1683671263 05-30-2023, 01:31 PM
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Originally Posted By ymer⏩
Wut??????

A premium butter bar will be $1.50 for 800 cals. Cheap butter will be half that.

Rice, beans etc are like $1 -$1.50/pound. If you are poor and you need protein pork is super cheap probably $2.50/pound for lean cuts.

Food is very cheap if you dont buy everything packaged
OK $2.50 for a pound of lean pork loin, which is like 620 calories. 620/2.50 = 248 calories per dollar


Spot on
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post 1683672803 05-30-2023, 01:55 PM
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#67
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Originally Posted By Peacening⏩
Lmao my monthly for a family of 4 is like 12k you are doing great op


How about instead of paying it off in 5 you plan to pay it off in 10 and have some more freedom/fun during those years.
$8k?
$12k?

GAWT Damn. Wtf are y'all doing? Most families are getting by on $3500 or so.
post 1683673053 05-30-2023, 02:00 PM
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#68
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Originally Posted By MikeLowrrrey⏩
$8k?
$12k?

GAWT Damn. Wtf are y'all doing? Most families are getting by on $3500 or so.
Would be interested to see a budget for a family of 4 on $3,500. From a previous post:

Mortgage - $1,500 (will soon adjust to $1,250 or so, my escrow is under - didn't account for that in the plan though)
Gas - $450
Insurances - $280
phone/internet/utilities - $700
Student loans - $100
Groceries - $700
Restaurants/coffee shops - $550
Gym - $180 (wife does orange theory, rip)
Daycare - $1,800
Miscellaneous - $1,000

Totals up to $8K.


Average monthly expenses across the US for a family of 4 is $7,750. Where you getting $3,500?

https://www.nerdwallet.com/article/f...-person-family
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post 1683673113 05-30-2023, 02:01 PM
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Originally Posted By SaviorSelfJT⏩
Imagine if OP didn’t buy his house in the past and bought one now and had a 4000/month mortgage instead of a 2000 one

Anyway, Misc has some explaining to do

When there’s threads about incomes, there’s always these two groups of posters:

1. Posters coming in saying 100k income barely lets you live in a mediocre lifestyle in a major metro now even as a single guy no kids. Will never buy a home, have major investments, mostly paycheck to paycheck on this income etc

2. boomer posters that come in with the classic rebuttal “my great grandparents raised all 10 of my grandparents on a single nickel, if you can’t make things work with 100k you need Dave Ramsey”


Well here we go. A poster showing actual numbers in a medium cost of living metro needing 100k in just expenses. Honestly I looked at the budget, there’s a few hundred I could see you knocking off here and there but nothing major
Don't forget college for kids, that's another $60k

$100k should be enough to raise a family, but in Op case, they need about $250k.

What in thr absolute hell is going on?
post 1683673253 05-30-2023, 02:04 PM
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Originally Posted By MikeLowrrrey⏩
Don't forget college for kids, that's another $60k

$100k should be enough to raise a family, but in Op case, they need about $250k.

What in thr absolute hell is going on?
You can raise a family on $100K. You just can't spend $22K a year on childcare, put as much into 401K/FSA's, spend $1K a month on miscellaneous stuff, have brand new phones, etc.


As to the college bit, we have a 529 plan that we contribute a couple K each year to. Will probably be 100K or so when they hit college.
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post 1683673453 05-30-2023, 02:07 PM
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#71
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Originally Posted By Jacobcapra⏩
Would be interested to see a budget for a family of 4 on $3,500. From a previous post:

Mortgage - $1,500 (will soon adjust to $1,250 or so, my escrow is under - didn't account for that in the plan though)
Gas - $450
Insurances - $280
phone/internet/utilities - $700
Student loans - $100
Groceries - $700
Restaurants/coffee shops - $550
Gym - $180 (wife does orange theory, rip)
Daycare - $1,800
Miscellaneous - $1,000

Totals up to $8K.


Average monthly expenses across the US for a family of 4 is $7,750. Where you getting $3,500?

https://www.nerdwallet.com/article/f...-person-family
Good gawd. You'd need $150k salary just for three people??
Average monthly expenses for a family of 3:
$6,597, or $79,163 annually.
post 1683674463 05-30-2023, 02:21 PM
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#72
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Originally Posted By MikeLowrrrey⏩
Good gawd. You'd need $150k salary just for three people??
Well, a 79K salary is probably more like 110-120K gross earnings, depending on withholdings and tax status.
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post 1683679973 05-30-2023, 03:35 PM
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#73
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you're lucky to be in GA opie, if you were in florida and hadn't bought property 4 years ago you'd be absolutely rekkkt right now with the cost of housing.
post 1683684643 05-30-2023, 04:52 PM
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#74
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Originally Posted By ElArteSuave⏩
you're lucky to be in GA opie, if you were in florida and hadn't bought property 4 years ago you'd be absolutely rekkkt right now with the cost of housing.
I bought this property 2 years ago, but yeah Georgia’s not bad for bang for your buck. I mean I could’ve gotten a $400k house in FL and it’d be worth $550k right now instead of my $275k house being worth $400k. More equity but less disposable income each month and a way longer payoff period even socking tons of money away
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post 1683685483 05-30-2023, 05:05 PM
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i did the math as well with the 30k vs 45 investment and it seems to lean towards paying mortgage off surpassingly but you have only 60k principal left on your mortgage? Also 7% is typically used as a benchmark for stock market so that changes things to favor the investing early in the shorter term.
post 1683686783 05-30-2023, 05:27 PM
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#76
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Originally Posted By SLapCHop⏩
i did the math as well with the 30k vs 45 investment and it seems to lean towards paying mortgage off surpassingly but you have only 60k principal left on your mortgage? Also 7% is typically used as a benchmark for stock market so that changes things to favor the investing early in the shorter term.
I will have way more cash on hand in the short and medium term if I don’t payoff and just invest, and even in the long term if I get much more than 5%. But having a paid off house and tons of disposable income in my 30’s sound well worth the trade off of being slightly less rich in my late 50’s. Hell, by the time I’m even halfway to my 2051 payoff date my income and expenses will be wildly different than what they are now so I don’t see much of a point in creating a 30 year plan. I’d like to think I make double what I do now, and have millions in my retirement accounts. Makes the notion of the payoff in 4-5 years sound a lot nicer
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post 1683687153 05-30-2023, 05:33 PM
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#77
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Originally Posted By Jacobcapra⏩
You guys act like I haven't posted family pics 1000 times

Spoiler!



No one will comment on her takehome pay though, even with hella taxes and $5K/yr in FSA set aside.
Your blonde kid will be a Chad. Dump all your hopes and into him.
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post 1683687363 05-30-2023, 05:38 PM
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Originally Posted By Jacobcapra⏩
I will have way more cash on hand in the short and medium term if I don’t payoff and just invest, and even in the long term if I get much more than 5%. But having a paid off house and tons of disposable income in my 30’s sound well worth the trade off of being slightly less rich in my late 50’s. Hell, by the time I’m even halfway to my 2051 payoff date my income and expenses will be wildly different than what they are now so I don’t see much of a point in creating a 30 year plan. I’d like to think I make double what I do now, and have millions in my retirement accounts. Makes the notion of the payoff in 4-5 years sound a lot nicer
Your cash flow is going to be really good regardless so i dont think the extra cash flow will make a big diff in your 30s when you would have a giant stock portfolio anyways to buy whatever you want. I think either route will be smart financially but i'd learn towards investing aggressively to build that portfolio especially if you want to enjoy your 30s
post 1683687733 05-30-2023, 05:45 PM
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#79
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Originally Posted By FrankCostanza⏩
Your blonde kid will be a Chad. Dump all your hopes and into him.
The older one will have the slender, athletic build and be more handsome. The blond will be built like me and if he sticks to sports will be a mogger. Saw the same thing with my brother and me, though I think the blond will be more handsome than me and have the blond hair grey eye combo going for him.
Originally Posted By SLapCHop⏩
Your cash flow is going to be really good regardless so i dont think the extra cash flow will make a big diff in your 30s when you would have a giant stock portfolio anyways to buy whatever you want. I think either route will be smart financially but i'd learn towards investing aggressively to build that portfolio especially if you want to enjoy your 30s
Yeah true cash flow is already pretty nice and tbh once the kids are out of daycare entirely and I get that full $1,800/mo back it will be insane. I know there will just be other stuff like sports to pay for but no way in hell will it total $1,800 each month.
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post 1683687923 05-30-2023, 05:48 PM
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you be a good wagie
post 1683688853 05-30-2023, 06:03 PM
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Originally Posted By alphaalbertan8⏩
you be a good wagie
Spoken like a true no avi that will be able to provide no evidence of making nearly as much as me and has no path to financial freedom.


And here I thought we were going to go this whole thread with no CEO 10k/day'ers
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post 1683689833 05-30-2023, 06:22 PM
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Originally Posted By monster0ultra⏩
Because employers usually match 6%. Also, I'm betting that the money will worthless down the road but I'm just some f*ggot on the internet, I could turn out to be wrong. No harm in hedging bets and maxxing out tax advantaged accounts. I just personally don't think it's efficient to worry about pinching pennies beyond that point is all I'm saying.

One tidbit I will add though is a specific strategy I'm personally going to do. When you leave a job and the 401K needs to be rolled over, you can roll it into a Roth IRA. This isn't theoretically efficient to pay the the tax upfront like that from a math standpoint. But I feel much safer paying the tax upfront because it makes it more liquid so that I won't take the hit later if the government decides to confiscate and I want to leave the country.
You think those ****s won't hesitate to change the rules on Roths down the line if they feel like it?
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post 1683690063 05-30-2023, 06:25 PM
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Originally Posted By Jacobcapra⏩
yes but the minimum payment into the 2.5% 'savings account' is pretty high, and a huge portion currently goes to interest rather than the principle.

Assume I can save 30K a year and just slap it in a brokerage account that gets 5% annually (assume a lump sum once per year to keep it simple), all the while making min payments on my mortgage till it's completed in 2051. Compare that to doing the same thing, but taking out 190K to payoff my mortgage in 2028, and now being able to put 45K (the extra $1,250 or so monthly mortgage payment on top of the $30K) in my brokerage each year until the same date, 2051.


I end up with more money in 2051 if I payoff my mortgage and have more income to throw in investments from 2028 onwards, than if I just paid my mortgage off with minimum payments.


You literally can't do math if you think you end up with more money by paying off a 2.5% mortgage when savings accounts freaking pay more than that right now.
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post 1683690083 05-30-2023, 06:25 PM
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#84
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Originally Posted By ymer⏩
Wut??????

A premium butter bar will be $1.50 for 800 cals. Cheap butter will be half that.

Rice, beans etc are like $1 -$1.50/pound. If you are poor and you need protein pork is super cheap probably $2.50/pound for lean cuts.

Food is very cheap if you dont buy everything packaged
Yeah if you have to you could get it lower. 1lb of white rice has about 1500 cals. You can buy the cheapest white rice at my store for about a dollar a pound. So there’s the ceiling

250/dollar still sounds right. You start adding meat or any seasonings or sauces or vegetables to your meals your easily going over that 250/dollar. Also add food items that don’t provide calories like coffee or sparking water
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post 1683690303 05-30-2023, 06:30 PM
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Originally Posted By Gronnie⏩
You literally can't do math if you think you end up with more money by paying off a 2.5% mortgage when savings accounts freaking pay more than that right now.
OK, but it's excel that did the math. Call up Microsoft and voice your complaints. Why use a high yield savings when I can just put it in a brokerage account and get ~5% instead? Which is exactly the scenario I tabulated that shows paying off the mortgage and having larger deposits into the brokerage so early in the timeline pays off.


I realize it's napkin math with singular annual payments and returns. The reality of the situation is too sophisticated to bother with - most of my savings comes from my bonuses which pay quarterly and one of those quarters is fat. I might put in 20K once a year and a few K a couple other times per year, sporadically. It's pretty hard to compare the two scenarios without going full r3tard in excel.
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post 1683690333 05-30-2023, 06:30 PM
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Originally Posted By Jacobcapra⏩
OK, but it's excel that did the math. Call up Microsoft and voice your complaints. Why use a high yield savings when I can just put it in a brokerage account and get ~5% instead? Which is exactly the scenario I tabulated that shows paying off the mortgage and having larger deposits into the brokerage so early in the timeline pays off.


I realize it's napkin math with singular annual payments and returns. The reality of the situation is too sophisticated to bother with - most of my savings comes from my bonuses which pay quarterly and one of those quarters is fat. I might put in 20K once a year and a few K a couple other times per year, sporadically. It's pretty hard to compare the two scenarios without going full r3tard in excel.
You 100% made an error in logic or formula.
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post 1683690663 05-30-2023, 06:37 PM
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Mirin OP.

Im 34 as well. I could pay off my mortgage immediately with a lot to spare. But my mortgage is 2.25% and I have all that money invested and making a lot more than 2.25%. So it makes zero sense for me to pay it off immediately.
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post 1683690763 05-30-2023, 06:40 PM
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Originally Posted By Jacobcapra⏩
OK, but it's excel that did the math. Call up Microsoft and voice your complaints. Why use a high yield savings when I can just put it in a brokerage account and get ~5% instead? Which is exactly the scenario I tabulated that shows paying off the mortgage and having larger deposits into the brokerage so early in the timeline pays off.


I realize it's napkin math with singular annual payments and returns. The reality of the situation is too sophisticated to bother with - most of my savings comes from my bonuses which pay quarterly and one of those quarters is fat. I might put in 20K once a year and a few K a couple other times per year, sporadically. It's pretty hard to compare the two scenarios without going full r3tard in excel.
He’s right, your doing something wrong. If that’s what excel is showing, your not modeling the problem right or your not using the right numbers or something

There’s no way we can tell you what your doing wrong with that pic of the excel sheet

It’s mathematically impossible for the early mortgage payoff to come out ahead. Like saying 2+2 doesn’t equal 4
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post 1683690883 05-30-2023, 06:42 PM
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#89
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Originally Posted By Gronnie⏩
You 100% made an error in logic or formula.
Originally Posted By SaviorSelfJT⏩
He’s right, your doing something wrong. If that’s what excel is showing, your not modeling the problem right or your not using the right numbers or something

There’s no way we can tell you what your doing wrong with that pic of the excel sheet

It’s mathematically impossible for the early mortgage payoff to come out ahead. Like saying 2+2 doesn’t equal 4
I showed the formula

https://forum.obnoxiousbrutes.com/showt...post1683669333

Someone else ran the numbers as well and got the same result. Like I said it's napkin math though.
Originally Posted By Lefticle⏩
Mirin OP.

Im 34 as well. I could pay off my mortgage immediately with a lot to spare. But my mortgage is 2.25% and I have all that money invested and making a lot more than 2.25%. So it makes zero sense for me to pay it off immediately.
damn 2.25, mirin. I suppose it depends how much not having a mortgage will affect your investment deposits. For me it would be a massive 50% increase for 23 of the next 27 years, probably not as attractive if it's not as big an increase.
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post 1683690973 05-30-2023, 06:44 PM
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#90
  1. alphaalbertan8
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  1. alphaalbertan8
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Originally Posted By Jacobcapra⏩
Spoken like a true no avi that will be able to provide no evidence of making nearly as much as me and has no path to financial freedom.


And here I thought we were going to go this whole thread with no CEO 10k/day'ers
my crypto wallet begs to differ
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