I have done the Budget out to 2045 as harshly yet realistically as I could. Trying to take into account a large variety of situations like new cars (New to us) random emergencies, House maintenance, and some renovations. AND of course taking into account Interest savings from an early pay off.
I even have What if Budgets for a variety of Lifestye changes like Traveling often, Losing a job for X amount of time. I have all kinds of budgets. I just think of a concept, and sit down and do out a budget concept to see what it looks like. I LIKE my spreadsheets.
Anyways, what I am trying to say, is the math should be covered as far as pure numbers are concerned. And we are realistic as fuck when it comes to planning for the worst.
With that said...
We should have the house paid off in 2 years using an EXTREMELY ambitious plan. or in 3 years using a slightly less ambitious, but still insane plan.
I would rather not provide specific numbers. But I am curious what are ways to calculate the pros and cons of this idea?
The financial stuff is easy.. mathematically speaking.
BUT I am not sure how to quantify the actual impact of the short term cons in a plan like this.
The Month to Month Change in spending is not really that big. Taxes + Insurance - Mortgage = 70% less
But the Saving on Interest over 20 years is HUGE. Savings add up obviously.
So i know this question might be a bit broad but I would love any advice and tips.
TL;DR I am paying off my Mortgage 24 years early. I need to make sure I have covered all my bases.
March 01, 2019 at 12:25AM
