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    Home Unlabelled Personal Finance Paying extra on your home loan really does pay off!

    Personal Finance Paying extra on your home loan really does pay off!

    August 19, 2020

    Personal Finance Paying extra on your home loan really does pay off!

    Paying extra on your home loan really does pay off!

    Posted: 19 Aug 2020 05:45 PM PDT

    Refinanced my loan last month (went from 4.875 to 2.875% interest). Got all my paperwork and was setting up my online account with my lender so I don't have to mail in a payment.

    Noticed my lender has a nice Amortization Calculator on their site. 20 year and 30 year notes had the same interest rate, so I went with the 30 year and planned to make extra payments. I plugged some extra additional principle payments into the calculator and wow! I knew they helped shorted the time on your mortgage, and lower your interested paid, but not by how much. On a $160k note, with 2.875% interest:

    • If I run the note is full 30 years (360 months) I will pay about $79k in interest.
    • If I pay an extra $100/mo towards principle I shave 68 months (5.7 years!) and $16.5K off my interest
    • Extra $200/mo - 114 months off (9.5 years) and $27k less interest
    • Extra $300/mo? Almost cuts the loan time in half - 147mo (12.15 years) and $34.5K less interest!

    Again, knew it helped, but seeing HOW much it shortens the loan, and reduces the interest I pay was eye opening. Defiantly paying and extra every month.

    Edit: I get it. I most likely could get better returns on my money with other investments. I would rather reduce my only source of personal debt faster. And I know my spelling sucks.

    submitted by /u/TorturedChaos
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    Oh...so that’s how interest works

    Posted: 19 Aug 2020 05:24 AM PDT

    Short version: I've been paying thousands of dollars extra on my student loans because I didn't know so much was going to interest.

    I'm 27 years old, and I recently realized how interest works. It all started when I stopped and looked at my monthly student loan bill. My parents were kind enough to pay for my loans until I graduated, and my mother has been making payments online from my bank account since then, so I was very hands off, just paying the minimum amount. Well, I felt extra curious one day and wanted to get the breakdown of what I'm paying and saw I was paying 7% and 8% interest on two separate loans. That did not sound right to me. I googled and saw that the average rate was much less. I got the information from my mom and went on the loan site and looked at my payment history for the first time. I had been paying about $300 a month and saw anywhere from $130 to $100 of that was going to interest. Not going to lie, I freaked out a bit. How the heck is the principal going to go down if all that is going to interest?!? I called the loan people asking for an explanation; the woman on the phone knew nothing, I don't think she even understood my questions. I sent an email to the loan company and got a call from a woman that explained that the interest adds up daily. Like $2.75 a day or something, and the number fluctuated depending on the day the payment was made and the amount of days in a month. I was content that I had an answer, but mad at myself for not looking into this closer. My mother made it seem like I should just pay the minimum until it's gone, but if I could pay it off faster and save thousands, I'll take that route. My father is actually the more financially aggressive one, he once convinced me to pay off a loan of $4000 upfront instead of making monthly payments for years to come. Luckily, the loan company has a refinance option. I filled out the application, it was accepted, and the new rate for the consolidated loans is 4.8% with a monthly payment of $200. Happy ending right? No. See, I always thought that saving was the key, so I have a lot of savings, but I never even considered that paying off debt faster is also a way to save. New plan, not just for this loan, but also for my car loan, put a lot more on the principal. I have a decent amount of money that's not even a part of my savings for my house or my general savings, that could cut these loans down by 25% to 50%. So I'll be making much bigger payments now. Sheesh

    UPDATE: you guys are amazing. I'm learning so much, and have so much more to look into. For the snarky comments about being 27 and having my mother use my bank account to pay this loan, I say to you, that's how I was raised. She took control over a lot of things. She's an amazing mother, but she has sheltered my sister (32) and I to a point where it has hurt our financial and adult growth. Now this is my fault too. I should have stepped up sooner, but I didn't until now. Shoot, I don't think she ever wants me to move out, but I am honestly working on independence. I appreciate you all and am looking forward to reading more advice!

    UPDATE: Damn, you guys did it again. I was lazy. I wasn't nearly as on top as my finances and my life...as I thought I was. I took a lot of help as attacks, but you're right. My mom does not need to be involved in my payments at all and she shouldn't have been for a long time. I guess I felt ashamed to know that's such a bad thing at this age. Just have to keep improving. This is great. Thank you guys.

    submitted by /u/angelnao
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    Below floor condo owner contacted me about some ceiling water spot and sent me an invoice to pay. What is the best way to deal with this?

    Posted: 19 Aug 2020 09:02 AM PDT

    The directly below floor condo owners contacted me about some water spot that they found on the ceiling. They sent me an invoice for $1000. I am not even sure that any water damage is coming from my condo. The HOA told me to check the HVAC and seemed to want to stay out of it.

    Is $1000 to paint wall a reasonable cost (for just the living room area in a 800 sq ft condo) and am I responsible for this? Does a typical condo insurance cover this cost?

    submitted by /u/doordasher213
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    If you see a random deposit from the IRS

    Posted: 19 Aug 2020 07:22 PM PDT

    Would you leave a job after only 3/4 months if you were offered more pay elsewhere?

    Posted: 19 Aug 2020 02:43 PM PDT

    I posted in r/nursing something similar but I'm interested in hearing from a broader point of view.

    I'm an LVN in CA. Currently I make 25.38 an hour. I've been at my job since May, and I've only been an LVN since November. I got my first job the day after I passed my NCLEX but I quit and came to my current job in May because of shitty working conditions putting my license at risk. My new job is a bit better in that regard.

    I was very recently offered a position elsewhere making 35 an hour. I really want to go for it, I'm saving up for a long distance move next year and obviously I could save more making more. The new job is also transferable to where I plan on moving to, my current job is not. I would need to find new employment next year.

    But that makes two short jobs in a row. Is this really that bad for future prospects? Should I just keep my current job for now? I'm super conflicted and need to give an answer soon

    submitted by /u/Im_A_Girl_Damn_It
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    Single mom in NYC. Living is pretty much impossible for me

    Posted: 19 Aug 2020 02:31 PM PDT

    I'm a 26 year old single mom with an income of around 1,600 a month. I currently live in my family home but I NEED To move out this year. How the hell can I afford this when studios near me start at $1,400? I live in Queens NY. I can't live too far from my job & I need a decent neighborhood for my kid to attend elementary school in. I currently have $15k in savings. I can't rent a room bc that's inappropriate for my Young child.

    Im totally lost. Any advice?

    submitted by /u/pixelation01
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    New landlord wants rent as cash only, does not have a lease signing process; normal?

    Posted: 19 Aug 2020 04:00 PM PDT

    So I am moving out of my parents house for the first time next month, and some of my experiences with my new landlord don't really match what I assumed was the normal process for moving into a place. I've been to the house and talked with the property owner and my new roommates a number of times and they all seem fairly on the level, but when he told me today that I was approved to move in on the 1st, and I asked about signing a lease, he told me that the lease agreement is month to month and that he prefers to have a informal agreement with all his tenants rather than signed documentation. He also told me that due to bad experiences with venmo and PayPal he prefers for the rent to be paid with cash. I asked if cashier's checks would be acceptable and he told me that he is fine with me paying the security deposit and first month's rent with cashier's checks, but that going forward he would prefer that I just pay him with cash.

    Is this a fairly common arrangement between landlords and tenants? I have basically zero experience with this sort of thing, and I'm worried about the lack of a paper trail. On the other hand this house setup is kind of the goldilocks zone for my needs and I would hate to get cold feet and back out of a good opportunity due to a fear that isn't really rational.

    submitted by /u/BlaxicanX
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    Watch for shrinkage

    Posted: 19 Aug 2020 08:17 PM PDT

    I have noticed this with a few products within the past month. Package sizes getting smaller, and prices staying the same or going up a bit.

    I just received a notice from Chewey that there was a change with my autoship. I logged in and noticed that my normal 26 pound bag of dog food has dropped to 24 pounds.

    Posting in PF because I know we talk about about food budgets, pet budgets, and prices in general.

    My dogfood is expensive, and I pay $58 a bag. A 2 pound loss is pretty significant and will cause my monthly food budget (I include dog costs in food, they are family too) to increase.

    submitted by /u/fakeonefornow
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    Paycheck to paycheck but $10,000 in savings. What do I do with it?

    Posted: 19 Aug 2020 11:42 AM PDT

    Note: I live in the south in a mobile home, I'm pretty minimalist overall, and no relationship/kids, which is why my numbers might seem really weird.

    Bills:

    - $1,010 per month
    - Income: $1,104 per month
    - Savings: $10,800
    - Mortgage balance: $8,500

    I work as an EMT and currently only do 24 hours per week, but I can pick up 12-24 hour shifts whenever I want. In a 12 hour shift, I'd make $140. In a 24 hour shift I'd make $280. I'm only working 24 hours per week because I'm in college full time. I want to be a doctor, so my grades are extremely important and I spend a lot of time volunteering, doing research, etc.

    I drive an old truck with 330,000 miles and was planning to drive it until the wheels fall off, but the AC has gone out. I don't know the price to fix it yet, but let's just assume in a worse case scenario, I may as well buy another car. I was planning to buy one anyways.

    So... I have a good bit of savings, but my question is, what do I do with it?

    I want to pay my house off as soon as possible, but I also need a reliable car. So I was thinking buy a car for like $4k or less. Keep around $7,000 in savings. Live paycheck to paycheck and work extra shifts here and there, maybe 3 a month (minimum - aim for more). Use that extra shift money to directly towards the principal of my mortgage. Pay off my mortgage ASAP and then I'm in a pretty good spot. Is this a good or bad idea? Should I go about it differently? Or does someone have other opinions?

    Edit: I don't have any CC debt or loans. I literally just have my mortgage, wifi, utilities, food, etc. I've lowered all my bills as much as possible like my phone bill, cancelled Netflix, the like.

    submitted by /u/Grand_Eye
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    Advice for 18 Year Old Student with $10K Cash

    Posted: 19 Aug 2020 02:10 PM PDT

    I've been saving up from summer jobs and school-year internships and have roughly $10,000 saved up in my Checking account. What should I be doing with this money? For reference, I'm on a full ride and do not have to pay for college.

    ​

    Should I be saving up for retirement? Buy index funds or stocks? Thanks for all the help :)

    submitted by /u/SplashedPaint
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    Why’d the IRS just take $1.75 from my checking account?

    Posted: 19 Aug 2020 04:15 PM PDT

    Edit: it's a deposit into my account, not a withdraw. I'm going to leave this post up to help others who are searching about this, rather than delete it to hide my shame.

    Just checked my Chase checking account and there's a withdraw of $1.75 for "IRS Treas 310 Co". Anyone know what it could be?

    I filed our state and federal tax returns back in March, and received refunds at that time as well. Everything's been direct deposit for years. Got my COVID money by deposit back in April.

    Would they correct a tax return error and make an automatic withdraw without telling me?

    submitted by /u/OliverHazzzardPerry
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    Husband and I need more room for the kids but have several obstacles... help?

    Posted: 19 Aug 2020 01:43 PM PDT

    I'd like some advice on how you guys would handle my situation. And yes, I'm aware I've made some poor choices but I've been working VERY hard to make changes so please be easy on me.

    Facts:

    • Me, 32F

    • Got married right after I turned 22, like a dummy.

    • One day, he and I were out driving when he made a turn too soon and ended up hitting a woman and her brand new expensive SUV. Thankfully nobody was seriously injured but her SUV was totaled. But as bad luck would have it, our car insurance had lapsed without my knowledge (he never mailed off the money order). We were sued by the lady's insurance company for the full value of the car, which was around $65k. We were forced to bankrupt and we did so as a married couple.

    • At the beginning of the months-long bankruptcy process, we found out I was pregnant unexpectedly. I had our child in 2012, the same year we finished filing.

    • We split when our daughter was 1.5. My name was on various things in the home we rented and after I left, my ex decided not to care about anything and left as well. Everything got shut off and fees accrued in my name for the electric bill, internet and even the iPhone he tossed out into the woods. The car we owned jointly was repossessed. It was sold at auction for way less than we owed on it because he had tore it up. Once it was gone, I was sent a letter demanding $11k for the remainder of the loan. All of this hit my credit HARD.

    • The divorce was finalized in 2016 but I wasn't able to pay back debts at that time. I was barely keeping my head afloat and had to focus on mine and my kids' immediate needs. I started working on my credit in 2018 when I was finally back on my feet and doing better. My ex was off being a drunk and I had full custody. No child support because I didn't enforce it and he couldn't keep a job anyway.

    • My credit score was somewhere around 425 when I started trying to repair it. I've been slowly paying off debts, including about $6500 in student loans. I still have around $15k to go on those, though. The rest has been medical debts and one credit card. The repossessed car has been written off but it still affects me.

    • Since our divorce, I've remarried and now have three other kids, the youngest being a total oops and only 4 months old. I came into the relationship with two kids. He had one and we made one together.

    • Due to the virus, I lost my full time job with benefits. It was a situation where I didn't qualify for unemployment. Now I'm a stay at home mom because the cost for childcare is waaay more than I was making or have the potential to make. We're saving money on formula for the baby since I'm breastfeeding, which is the only silver lining.

    • My husband has a good job but money is very, very tight. We are currently in a 2-bedroom apartment and space is super limited, as you can imagine. Our three girls are sharing a room with one twin bed, a bunkbed and their own bathroom. The baby is in our bedroom. Our rent would be $1200/month but we pay less than half that because he works for the company we lease from.

    • We're out of room and really want to buy a house. We're in a rural area where $130k can get you several acres, 3-4 bedrooms and 2-3 bathrooms.

    • Here's the issue.... well, one of many. My credit scores have increased but they're not enough to buy a house and obviously I'm unemployed at the moment.

    • My husband's credit score is around 599 when we checked recently. We pay our bills on time every month but when I first met him, he was behind a lot and that's contributed to his low score.

    • The absolute biggest obstacle is his past. 6 years before he met me, he was with another woman and they bought a house together for $115,000. (((EDIT: They were never married))) After he left, she kept the house but she hasn't been paying the mortgage on time. We can see from his credit score that she's been late about 25% of the time over the last 6 years. Sometimes she's been 90 days or more late. He has asked her repeatedly to get him off the loan but she has told him she can't get the loan in her name only and has blocked him from communication.

    • So here we are. We need a house but haven't even tried to start the process.

    • Right now I have $15k in student loans, about $500 on credit cards and one car loan (we had to get a van to accommodate all the kids, plus my 17yo Hyundai blew up the day after we dropped $600 on it)... sigh.

    • We loosely follow Dave Ramsey if that's any help

    • My husband is in debt around $101,000 on the house he doesn't live in and he's on the van loan with me.

    • I have about $700 left in various collections from medical bills. I haven't contacted the collection agencies yet because I wanted some advice. Should I call them and try to settle or ignore the debts? I get so confused on what to do with them.

    SORRY this is so long.... Any advice would be appreciated. Thanks for taking the time.

    submitted by /u/cheaps_kt
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    Where to transfer my dad's traditional IRA while he is incarcerated

    Posted: 19 Aug 2020 05:35 AM PDT

    My dad (73) went to prison this February and I have been going through the personal hell that is being added as a power of attorney to all of his accounts. Well to do that Fidelity wanted (in addition to the legal document which was finalized with us and his attorney before he went in) a notarized document from their own institution. Well that's not happening and I told them why which was probably stupid I probably should have said he was in a medical coma or something. So they terminated his account because he was incarcerated (his incarceration had nothing to do with financial crimes). All I can do at this point is withdraw the funds. So I called vanguard because that is who I have my accounts with. They will not take on new accounts for people who are incarcerated, if he were existing as a customer yes, but since he was not they cannot open a new one. I don't want to withdraw everything and put it into his savings because it doesn't need to be withdrawn and it will pull that money out at a higher tax bracket. Does anyone know a bank or institution that would work with us? I tried Google and I can't find anything except articles about investing your IRA in prisons which makes me feel sick and very much like wanting to punch my computer. Much appreciated.

    submitted by /u/LittleTomato
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    Things didn’t work out moving into an apartment with my friends and now we’re going our separate ways after the lease. How can I get ready to move into my own place?

    Posted: 19 Aug 2020 05:39 PM PDT

    I moved in with two of my friends (and unexpectingly their girlfriends) about two months ago.

    One of the my friends just really doesn't like anything I do and keeps arguing with me about everything and the other roommate doesn't want to get involved.

    Well the roommate that doesn't want to get involved wants to get his own place to get away from the negative atmosphere, and considering I don't wanna move in with the guy that has a problem with me, I'm on my own pretty much.

    Considering I have about 10 months to prepare, I just want to know what my next course of action should be.

    Right now I'm working 3 jobs (Lowe's seasonal, a grocery store part-time, and occasional food delivery) and plan on just sticking to working one full time job when I go back to college in the spring. I'm not really comfortable living with strangers so I really want to move into my own place, rent for a one bedroom apartment around here is around $550 some with included water. It's doable working full time, but it's going to be tough to get through it, especially when I need to pay off my car before I go to university so it's no longer a major financial strain.

    Alternatively I could try to convince my dad to let me move back in with my cat, I told him about the roommate that keeps starting stuff and he said that I can move back in at anytime, but I didn't tell him about me having a cat now. He's never really been fond of inside pets.

    What do you think I should do so I can be ready for university after I finish my community college?

    submitted by /u/NecroCannon
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    How do Credit Scores work with a lease?

    Posted: 19 Aug 2020 05:24 PM PDT

    I screwed my credit up pretty bad when I was around 20 or so. I'm 35 now and spent years paying off things, waiting for some things to drop off and completely avoiding credit, so I dont completely understand how credit works.

    My FICO8 from Experian/Discover Scorecard shows 767, which I was excited about but then I found out Transunion and Equifax are 697 and 699. I'm thinking about leasing a car, so my question is, how do I know what score their going to pull?

    I really want to avoid a wasted hard pull, but is that the only way I'll find out for sure?

    submitted by /u/Treegs
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    My new utility company wants a security deposit of $800 just because I'm a new customer, can I do anything?

    Posted: 19 Aug 2020 07:54 PM PDT

    I'm moving into a new place and when I called to switch the utilities over to my name, they informed me I had a security deposit of the two highest bills at the property (in the past) combined. Which totals $800. They did me the favor of informing me they could split it between the first two but frankly... i think thats ridiculous. I know utility companies CAN have a security deposit but I was thinking $200? Max? I really can't afford the security deposit for utilities after moving expenses. Moving wasnt by choice or for fun, I have to move into a cheaper place and closer to the city to look for a new job thanks to the pandemic. However this is the only option for utilities and they told me there is nothing they can do about it. It isn't credit based, they aren't interested in a good will letter from my last utility company. I cant even back out of the new apartment as I have already signed the lease. Does anyone have suggestions?

    submitted by /u/okgo12345678910
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    So, am I just out hundreds of dollars for personal trainer sessions for 24 hour fitness?

    Posted: 19 Aug 2020 03:56 AM PDT

    I have 6 unused personal trainer sessions for 24 hour fitness. My location is one of the ones that closed permanently. I've messaged the online customer service portal because their phone lines basically don't let you talk to a human. No response. Do I have any other avenues here? Thanks in advance.

    Edit: I've started a chargeback through my credit card. Thanks for all the advice. Gyms are awful, get your memberships through Costco whenever possible so you have actual amenable humans to talk to in case things go south!

    submitted by /u/tahiniweenie
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    Personal Financial Model

    Posted: 19 Aug 2020 05:32 PM PDT

    Ok I know this is going to sound basic, but i'm wondering if anyone has found a good tutorial on creating your own excel spreadsheet to track finances. I mean all finances. Income, expenses, debts, checking, savings, 401k and brokerage accounts. There are sooooo many different tutorials and videos regarding various types of models but rather than sifting through all of them, I'm calling on the beloved reddit community. If anyone has found a good youtube series (or something similar) that would be great. I'm fairly proficient in Excel and have been managing my accounts for years so something intermediate-advanced would be really great

    submitted by /u/DonnyBoi7
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    Can I just “set it and forget it” with a Schwab Roth IRA?

    Posted: 19 Aug 2020 08:21 AM PDT

    I recently opened a Roth IRA with Schwab. I put the max $6,000 in and it then said it was a Roth Contributory IRA. Is this different than a normal Roth?

    Am I able to just leave my money, or do I need to do something in order for it to gain interest? I've read about people choosing stocks and bonds with their Roths, but I don't see this option with mine? In this case, what makes it any different than my Ally savings account?

    Sorry! I'm a newbie and not quite understanding all the ins and outs of this finance world.

    submitted by /u/nsmiller25
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    Does refinancing make sense after purchasing only one year ago?

    Posted: 19 Aug 2020 05:04 PM PDT

    We purchased a new home one year ago and the original mortgage was $500k and interest rate is 3.875%.

    Broker who setup our original mortgage reached out recently and said rates are at historic low and that he could save us about $350 per month if we refinance.

    I asked for more info on all the costs I'd have to pay and he replied with info below. It sounds like a no brainer but the skeptic in me thinks it might be too good to be true and I might be missing something:

    "Thank you for your patience, I got your title quote today. Here are the "hard" costs associated with your refinance:

    $999 Commitment Fee $425 appraisal fee $2500 title/recording to title company for closing the loan

    As I mentioned, I will pay the Commitment and appraisal fee and I will also contribute $500 to title costs because you are my previous client. So you're basically down to $2k in hard costs. Your monthly savings on P&I is approximately $378 per month, so you would recoup your hard costs in 5 months. The real savings is in interest over the life of the loan, it is over $145,000.00.

    There will be new escrows taken at closing, and your old escrows get returned to you. I can set this up so no funds come out of your pocket at closing if you wish. This ends up being a wash basically; taxes and insurance will be what they will be."

    Any thoughts on things I might be missing or follow up questions I should ask would be greatly appreciated.

    Thanks!

    submitted by /u/gabbysal
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    24 year old who needs real serious financial advice

    Posted: 19 Aug 2020 08:33 PM PDT

    I want to gain some knowledge on financial literacy, saving and money spending habits. I would be more than grateful if someone would give me some advice or teach me a thing or two. I'd be happy to pay for some learning sessions but y'know I don't have the funds, therefore I am seeking free financial advice/lessons.

    • I want to learn how to better manage money
    • how to save -how to invest -How to spend -Budgeting

    And whatever knowledge you have to offer, thanks.

    submitted by /u/wasthattoopersonal
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    Budgeting using two bank accounts?

    Posted: 19 Aug 2020 01:38 PM PDT

    I'm trying to create a better way to budget myself and this is my idea.

    Two bank accounts.

    Account 1 : Pay goes in here, all bills and direct debits paid from here, attached savings account and spending transfered to second account.

    Account 2 : Spending money transfer here every week, this is my grocery money, lunch, takeaway and personal spending account. Anything not used goes in to an attached savings account for saving for bigger items I may want.

    Is this a logical way to organise my finances? Is there something I'm missing?

    submitted by /u/-businessskeleton-
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    Planning on Purchasing Car Using Student Loan

    Posted: 19 Aug 2020 08:23 PM PDT

    Hello everyone. Hope you all are doing well during this troubling time.

    I was just approved for a student loan of $7000 CAD per semester - split between provincial and federal loan.

    This loan was a must considering the recent turn of events regarding the job market. I was not able to find a job throughout summer in my area - I received CESB and registered in the Canadian government job bank as well. This loan is my only hope at the moment to move forward whilst paying for my yearly expenses and school. My parents do not have a very high income as a side note, hence the large loan amount.

    My current plan is to pay my school tuition costs, alongside food, and fund driving lessons to get a car by September. (I will be remaining a full-time student during this duration). I just want to know if it is prohibited to purchase a car ($3500) of my loan approximately. The car would be used to get to university quicker (I live a decent distance away via bus - it takes away study time). The vehicle would be used to also get a job that would allow me to save more money this year. There is little to no public transportation in my area as well (British Columbia city outskirts). No train, affordable taxi, and unreliable bus service. The loan isn't a concern of mine considering I will eventually have a salary of $100k a year+ once I get into my career.

    I appreciate any answers to my question. Thanks in advance.

    submitted by /u/Canadant
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    401k vs Student Loans: Employer contributes 6% of my salary no matter what.

    Posted: 19 Aug 2020 08:34 AM PDT

    Hello reddit,

    I have read several other 401k vs Student Loans posts and I have gotten several lessons and I want help ensuring I have understood what this subreddit advises:

    1) 401k investment match is free money and should always be maxed out

    2) Student loans over 4-5% should be paid off first

    Considering my company will match 6% of my salary no matter what can I use the 401k I normally contribute to pay off my student loans in 5 years? After 5 years I will pay what I paid into my 401k. I just don't want to be in debt. I am very risk averse.

    Is this a wise decision?

    submitted by /u/TapedConfusions
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