I’m so happy to be a part of this group - paid off all my credit debt and started a budget thanks to you guys!
So, we live in SoCal and bought our place for 435k with 5% down. PMI of $250/month for 10 years. Even with paying an extra 20k towards the mortgage over 4 years we weren’t close to paying the 22% for PMI to drop off.
After my taxes were raised again based on another higher appraisal of our property, I decided it was time to take advantage of the lower mortgage rates. Shaved a full percentage point off the mortgage, $500 a month and got rid of PMI. We’re rolling all those savings straight back into principal only payments and we’ll be paid off by 18 years!
Submitted November 20, 2020 at 08:57PM by Frostyarn https://ift.tt/391lfg7
