Comments on: First Extra Principal Payment Has Been Sent

By: Stephan

Stephan — Thu, 22 Apr 2010 16:48:35 +0000

awsome post, and I cant believe it really is that easy to cut your mortgage lenght down so drastically. Definitely something I will be looking into once the day comes where I can afford my first home. Keep it up, and good luck becoming debt free. Preferred Financial Services

By: sam @ moneypenny

sam @ moneypenny — Wed, 31 Mar 2010 23:26:03 +0000

Great post!

I love extra repayment calculators… I often use them to determine the “opportunity cost” of money. In other words, if you didn’t purchase that item for $1 today, and instead put it on your mortgage, how much would it save you in interest (and time)?

For me, the opportunity cost of $1 is $4, but it’s different for everyone depending upon their situation. Even if you don’t have any debt of any kind, your money still has an opportunity cost, but it’s the cost of not saving / investing it.

Thanks again for a cool post!

By: JLP

JLP — Wed, 31 Mar 2010 21:26:21 +0000

Does your $2,000 in interest savings include opportunity costs?

By: Jenn @ Frugal Upstate

Jenn @ Frugal Upstate — Tue, 30 Mar 2010 14:32:41 +0000

We use the same methodology-those extra payment towards the principle do add up!

By: JB Waterman

JB Waterman — Mon, 29 Mar 2010 19:53:33 +0000

Nothing allows you to focus on the present more than being Debt-Free. AHHHHHHH!