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PaperclipPerfector  1mo ago (text post)   3256 thread views

Friday Fun Thread for January 30, 2026

Be advised: this thread is not for serious in-depth discussion of weighty topics (we have a link for that), this thread is not for anything Culture War related. This thread is for Fun. You got jokes? Share 'em. You got silly questions? Ask 'em.

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Who here makes extra payments on his mortgage? Or has a paid-off house?

I make extra payments, and looking through my amortization table just now I was incensed to learn that a full 75% of all of the reduction in our loan balance is solely due to our extra principal payments! What in the scam? (Edit: I guess I have to clarify that I am not retarded and do not believe that a 30-year mortgage is literally swindling me through nefarious trickery.)

Further, to say nothing of the compounded benefits, we have a present-day benefit in the form of $2,000 of saved interest, and we're still very near the beginning of our loan term! It's obvious when placed next to an amortization schedule that assumes we only make necessary payments.

(2/1/2026 Loan Balance)minimum payments - (2/1/2026 Loan Balance)extra principal - (sum of extra principal paid) = ~$2,000

I have my house paid off. I mildly regret it from time to time because the interest on the loan when I paid it off was about the same as today's interest on the savings account, so I probably lost some money on that. On the other hand, the peace of mind it gives is not to be discounted. I have lost (and found) jobs twice since then, and in both cases I could feel much less stressed because questions like "could I be in a situation where I'd have trouble paying my mortgage because of cash flow issues" never bothered me. Whatever happens to my job, whatever happens to the market, stock or real estate, my house is mine - that may be a bit irrational financially, but still feels good.

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