Would you pay off your mortgage? - Page 3 - Mothering Forums

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Old 02-22-2010, 06:21 AM
 
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I would only pay what I felt comfortable on the mortgage, maybe using half to 2/3 of the money left. I like having a safety net, even if I'd end up paying more in interest, I like the feeling of having some money set aside for a rainy day.

belly.gifMama to a Little Scientist (09/08) and our Ray of Sunshine (05/11).
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Old 02-22-2010, 11:18 AM
 
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I would totally pay it off!

Congrats on being nearly completely debt free!

orngbiggrin.gif mom of three with stork-suprise.gif on the way

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Old 02-22-2010, 05:13 PM
 
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What was the intended purpose of the life insurance policy? Was it required by the divorce papers in order to make your child whole for missed child support payments due to death?
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Old 02-22-2010, 06:42 PM - Thread Starter
 
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Originally Posted by Jane91 View Post
What was the intended purpose of the life insurance policy? Was it required by the divorce papers in order to make your child whole for missed child support payments due to death?
No, we both took out policies right after our son was born to help support the surviving parent in the event of death. At that point we had no thought of separating.

I appreciate all the input! There are many facets to consider so I won't rush into anything, but I am going to start at least a modest mortgage pre-payment to chip away at the principal. This is something we did when we first took out our mortgage, but it fell by the wayside once marital woes hit.
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Old 02-22-2010, 07:48 PM
 
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FWIW, I think you are very capable of handling this situation and are doing quite well.

"Kind words can be short and easy to speak, but their echoes are truly endless." - Mother Teresa

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Old 02-22-2010, 07:52 PM
 
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Quite simple if you don't pay your mortgage in its entirety then you won't become a home owner. As you haven't completely paid of your mortgage.

Worlds Best Mom
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Old 02-22-2010, 08:14 PM
 
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We'd pay off this house so we had someplace to live while we were finding the land/building the house we WANT, and trying to sell this house.

Jenna ~ mommy to Sophia Elise idea.gif  (1/06), Oliver Matthew  blahblah.gif (7/07) and Avery Michael fly-by-nursing1.gif(3/10)

 

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Old 02-22-2010, 08:27 PM
 
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I would.

And then I would start putting what's going into your mortgage now directly into savings. IE, don't look at the lack of payments as "free money" and start buying stuff to fit the income, but instead "pay" yourself every month what you would have been paying to a bank. If you do that every month, you will have a pile of money in the bank surprisingly quickly. And you won't be paying interest to some big corporation, but instead be recieving interest.
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Old 02-22-2010, 08:37 PM
 
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Originally Posted by velochic View Post
Yeah, exactly. Perhaps you should go read her message again.
I did read her post. I can read very clearly. She is asking for advice for her particular situation. And your advice is for yours. Of course it is going to be hard to write a cheque for that amount. Of course, there is hesitancy. But the OP also states that she has an emergency fund, a stable job, has gone through rough times with no support yet still is debt-free, has been financially responsible in the past AND that it would be wonderful to be debt free.
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Old 02-22-2010, 09:46 PM
 
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I want to know about that 11% return mutual fund too, jeliphish. Care to share?
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