How To Pay Off a Mortgage

Denis starts off this hour in Charlotte North Carolina hi Dennis how are you hey Dave hey good thanks and thanks for taking my call certainly sir how can I help okay here's the deal my wife and I just bought a house and we're able to put 60% down because we just sold our other house phenomenal along with that we picked up a mortgage so I want to slam the mortgage so I'm thinking we got it we got a 30-year just to get on the boards I'm thinking going to a 15-year real soon mm-hmm and I'm also also provided I can we can handle that we think you can provided we can do that I'm also thinking about taking we got 14 or 15 in mutual funds and I'm thinking about taking that out as well and throwing that on the mortgage as well really get this thing down how much do you owe we go ahead how much do you owe 132 okay and what is your interest rate 3.6 3.6 85 I just got it we just got it yeah really interesting yeah it's a little high well I thought so I thought so but we were we wanted to just get this thing you know done and get in the house and then start is it a traditional mortgage it is yeah okay and your household income sir oh I'm retired I think we're at about 60 okay you have any money other than the 14,000 no okay you don't know you have an emergency 30 is coming in okay and you have an emergency fund of any kind yeah yeah we've got about 20 set aside okay all right in a separate account different than the 14 correct okay cool yeah I'm with your plan I would throw the 14 at it which gets just you know you know down in the 1-1 18 or something like that we got left then and you can put that on a 15 year normally the only reason to refinance is not to go from a third to a 15 I wouldn't go to the refinance cost to do that but in order to save on interest you would refinance and I think you could probably save three quarters of a point I mean I'm seeing quotes I don't know if you can get on mortgage this small or not but I'm seeing quotes well down under under three and so if you got something like two point eight seven five or 275 or something like that along those lines you know that would might be worth refinancing and then while you're at it put it on a 15-year and then of course you just chunk money at it as fast and as hard as you can like you're saying and then how do we make that go away well you make it go away pretty quick that way you'll probably be done in five or six years oh that's now we're talking the same language yeah okay you just start just kind of start dividing it you know you say we're dealing with one hundred and twenty thousand and you know if we wanted to do that in ten years that be ten thousand extra I'm a year I'm you know and if we wanted to do it in five years that means there'd be 20,000 extra a year that's right yeah so that's why I'm saying you know five six seven years something like that you're probably gonna be done mmm okay can I make one statement sure one last statement I know my daughter's listening to this right now and she'll squeeze blood out of a rock as far as her budget goes wanted to want to tell her that we're gonna mom and dad are going to take care of her car payment from here on we're gonna wipe out her debt no one that just weren't gonna use this opportunity to do that she's not expecting this but I thought I'd want to do this but okay Dave thanks very much well that's fun huh that's the first time anybody's ever announced that on our show that's very cool well done sir

Channel: The Ramsey Show - Highlights

Views: 574,518

Keywords: How To Pay Off a Mortgage, how to pay off my mortgage?, mortgage, debt, money, dave ramsey, ramsey, dave ramsey show, dave ramsey budgeting, dave ramsey live, the dave ramsey show, dave, show, ramsey solutions, dave ramsey baby steps, how to pay off your mortgage early, how to pay off your mortgage, mortgage payoff, pay off your mortgage, pay off mortgage, how to pay off a mortgage quickly

Id: fZ0nUkfi_2E

Length: 3min 56sec (236 seconds)

Published: Tue Apr 24 2018