Thoughts on starting a 30yr mortgage at 50 yrs old?

[dutchmaster83]

@tornero This! Make sure you specify the extra payment is for the principal. I made extra for my car and initially did not specify so they split it between interest and principal

 

[lilmateo]

@dutchmaster83 I never really understood but, would there by any benefit what so ever to make extra payments towards the interest?

 

[popcornamy]

@tornero What interest rates were they paying? Same with your vehicle

 

[smeds]

@pluemusica This. I pay an extra 1000 a month which is shortening my loan by 14 years and saving me 70k in interest

 

[reasonseeker]

@morrismc It better then starting at 60

Just because it 30 year doesn’t mean you have to take 30 years to pay it

 

[briman4031]

@morrismc I'll give you some perspective which might not help but it will give you some insight.
My parents stayed together until the end and had 9 children.
I grew up in a 3 bedroom 1 bath house with an unfinished basement.
As a kid I had moments where I'd ride my bicycle to the grocery store so that I could use the bathroom and there were other times when I'd go to my friend's house and knock on the door and his sister would answer and I'd ask to use the bathroom. She would laugh but would let me in.

Your post made me think of that. I purchased the house I'm in today at 47 years old and my own kids were 18 and 19 at the time. I'm still living in it and I'll be 62 soon.

You will appreciate having another bathroom no doubt about it but I would only take on a new mortgage if I could afford it.
Merry Christmas!

 

[inbedwithjesus]

@morrismc You don’t have to pay off a mortgage to enjoy living in the home and selling later.