The Frugal Lifestyle

Chancie · 12-01-2012, 05:05 AM

I bought my not very big, not very fancy house when I was in my 40s and then I refinanced it when I was in my late 40s to save almost $200 a month.

I want to try to pay off my thirty year mortgage because I didn't start teaching in a public school until I was 42, and I won't be able to afford my mortgage when I retire.

I emailed my very helpful local bank manager and he said I'd need to pay about $770 extra a month to principal in order to pay off my mortgage by the end of the school year when I turn 60 years old.

I don't have to tell you how impossible that sounds, so I will just pay about $87 a month towards principal, which will shave off a few years.

But, it's important to me to be able to choose whether I stay here when I retire, so I have been thinking a lot about how to manage my budget with an eye towards the future.

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12-01-2012, 05:05 AM	#16
Chancie Senior Member How Do You Identify?: queer femme-inist Relationship Status: I'm lucky. Join Date: May 2010 Location: Western Mass Posts: 3,774 My Photo Gallery Thanks: 9,518 Thanked 14,541 Times in 2,744 Posts Rep Power: 21474855	I bought my not very big, not very fancy house when I was in my 40s and then I refinanced it when I was in my late 40s to save almost $200 a month. I want to try to pay off my thirty year mortgage because I didn't start teaching in a public school until I was 42, and I won't be able to afford my mortgage when I retire. I emailed my very helpful local bank manager and he said I'd need to pay about $770 extra a month to principal in order to pay off my mortgage by the end of the school year when I turn 60 years old. I don't have to tell you how impossible that sounds, so I will just pay about $87 a month towards principal, which will shave off a few years. But, it's important to me to be able to choose whether I stay here when I retire, so I have been thinking a lot about how to manage my budget with an eye towards the future.