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Our Mortgage Will Be Gone In Four More Years

In Mortgage Snowball by Gen Y Finance Guy21 Comments

Reading Time: 4 minutesWe bought our house almost four years ago and we acquired it for ~50% less than the bank said we could afford to borrow. The bank approved us for a $750,000 loan but we ultimately borrowed $355,000 on a total purchase of $376,000 (47% of what we were approved to borrow). Anyone that has read my ten guidelines to rapid …

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Financial Engineering Your Mortgage For Better Than Market Returns

In Mortgage Snowball by Gen Y Finance Guy9 Comments

Reading Time: 7 minutesA while back a fellow blogger and friend of mine, Mr. 1500 or, wrote a piece on whether you should pay your mortgage off early or not. I don’t disagree with his logic as it makes perfect sense. However, like many things in personal finance, I have a hard time with absolutes. Instead “it depends” is a much better …

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Paid Off Mortgage is Equivalent to a…Perpetuity?…Bond?…Dividend Paying Stock?

In Financial Analysis, Mortgage Snowball by Gen Y Finance Guy27 Comments

Reading Time: 5 minutesHaving a fully paid mortgage sure does get a bad wrap around personal finance circles. I constantly see arguments about money being super cheap and that paying off the mortgage will lead to a loss of the interest tax deduction. I won’t argue that rates are historically cheap and that eliminating your mortgage will lead to eliminating the tax deduction. …

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Paying Off Your Mortgage Early vs. Investing The Extra Payments In Stocks

In Mortgage Snowball by Gen Y Finance Guy43 Comments

Reading Time: 8 minutesOver the last several months I have written about how I plan to pay off my 30 year mortgage in 7 years and also debunked the whole loss of the tax deduction. In the post about losing out on the tax deduction I presented the math that proved the interest savings over the 7 years was far greater than the loss in the tax …

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Murder Your Mortgage in 7 Years Q&A

In Mortgage Snowball by Gen Y Finance Guy29 Comments

Reading Time: 3 minutesLast month I published a post that detailed my strategy to pay down a 30 year mortgage that I only recently obtained last year. I will be the first to admit that it goes against the conventional wisdom and there have been two questions that have popped up consistently that I thought I would take some time to answer: Question 1: Why do …

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The Mortgage Snowball Strategy To Pay Your Mortgage Off In 5-7 Years

In Featured, Financial Freedom, Goal Setting, Mortgage Snowball by Gen Y Finance Guy78 Comments

Reading Time: 5 minutesIn a previous post, I mentioned that I had recently become debt free outside of the mortgages on my primary residence and investment condo. In that blog post, I announced an outrageous goal of paying off the mortgage on my primary residence in 7.5 years. I gave you the cliff notes version of the strategy I devised to accomplish this big, …