Originally Posted by Zoar
Actually I am DECREASING the terms of payment. I had 14 years left on my OLD mortgage while the REFI is for only 10 years, so I wll actually pay less in interest.... Moreover that is even if I take the REFI to full term. And, as indicated my new total debt (allowing me to have a home and a liveaboard trawler) will be $80K. I hope and intend to actually pay this $80K mortgage off with 2 years. (I am working on some business deals that will allow me to pay this off). Thus I will be mortgage free within 2 years. Then my expenses will be---taxes on the house, marina fees on the boat, insurances on BOTH, maintenance on BOTH and other operating expenses.
Enjoy your boat!
If you did not finance your boat you would be sitting behind your keyboard wishing you had a boat.
Most folks cannot just write checks in the tens of thousands of dollar ranges until they have decades of life under their belt, many decades.
We all know that financially it would be “best” not to pay interest, as it’s an expense. The cost of renting/borrowing money.
The challenge is that most people do not have the patience to wait on the sidelines the time required to save for the things they want.
So... We rent money, and pay a fee for that.
What we get in return is the enjoyment of using the “thing” while we are repaying the rented money.
The folks that save up do not have the rental fee on the money, but they do not get the enjoyment either.