I was talking to my dad about his finances and his retirement plan when he mentioned he still has about another 30 years left on their mortgage. At first I thought he was confused and thought he had 30 years left because that was the total length of the loan. I told him there was no way he had 30 years left because they have been living in the same house for almost 20 years. I then had him login me into his mortgage account and sure enough he somehow has a 52 year mortgage with 30 years left. My question is should I have him pay as much as he possibly can to pay it off quickly or should I continue to let him make the minimum payment? He has no other debt besides the mortgage. His reasoning for only making the minimum payments is that it's a 3% loan and that money is better off earning interest somewhere else. He will be 87 by the time he pays off the house if he continues to make the minimum payments.
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I am once again begging Redditors to stop posting Ls:
For some reason this becomes a /r/childfree struggle session:
Folks can't figure out if this is good or not? Idk didnt read:
OP is getting mogged by his dad and its worse when Redditors are saying it:
Edit:
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Bro if you have a 38k balance on your house just pay it off I don't care what the interest rate is, just the satisfaction of "I own this free and clear" is worth 40k any day of the week
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This is the kind of mentality that keeps mayo's in check. News flash WASP, you don't own anything, you will pay the government tax on everything you own for the rest of eternity. This is why Jews have been exterminated, persecuted, segregated, and evicted by every other people since the beginning of time, and they are still around and more successful then the people who owned 25% of the world, i.e.
.
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This is a refi and his property taxes and home insurance are baked into that payment. There's no reason to pay it off until you're about to die.
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Goy mentality.
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reading the critical replies had me feeling gaslit because my first reaction was "holy shit, that's the greatest mortgage of all time"
you need to get nosey with dad's finances because those boomerbux are gonna be YOURS
redditors really hate families. it's either cutting contact because they made you go to sunday school when you were a kid or treating them like they're investments
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I have a hard time believing the age people go into nursing homes is getting younger. People are living longer and are healthier. People in their 70s now are way healthier than people in their 70s 24 years ago lmao
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Man I wish my mortgage was that.
Only thing OP has to do is figure out how to get the house when his dad kicks the bucket.
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From my understanding it would be very simple, lawyer just needs both parties permission to transfer the mortgage.
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What's the problem? My parents have an https://en.wikipedia.org/wiki/Interest-only_loan
Reason is because mortgage interest is tax deductible in the Netherlands, so it's maxing out a tax advantage.
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This is literally the best mortgage I've seen in 15 years. I was recently CUCKED by my countries interest rate which nearly doubled my own own mortgage on renewal plus the r-slurs at the bank wont let me get anything over 30 years so I am now EXTREMELY SEETHING.
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did you get fixed rate or?
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no im goombling on a tracker now
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Jesus Christ bro
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When I bought my sports car my insurance nearly doubled to 180 a month and I thought that was fricking outrageous
before car insurance rates started skyrocketing recently I was only paying 45 a month. No accidents or tickets either
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I cannot believe the car insurance rates some people pay.
I have a $75,000 truck with a DUI on my record from a few years ago and I pay like $140 a month for full coverage lmao. Granted I am a rural corncel so property crime and such is very low here due to lack of BIPOCs.
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The break in and theft have driven rates here up to insane numbers for any decent car
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I changed my registration to the new state and my insurance skyrocketed because it was in a "diverse" city known for vehicle break-ins. It didn't matter i was 45mins from the crime. I was still in the "metro area" despite not being in it.
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Stop living around Armenians and Kia Boys
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I make too much money to leave
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Why would the bankkk agree to thissss?
An actuarial table somewhere? I bet their (step)mom is significantly younger than pops
Lol at the cute twink who said the value of money is halved every 10-15 years, lol no. Not even with the "let's increase consumption and cuck production" policies of COVID. I guess it would be if we had 10 percent annual inflation. Maybe that dude is an argie.
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They agreed to it in 2004, that should be explanation enough.
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Kids pay lol
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If he was an Argie he would be saying the value of money is halved every 3 to 6 months, and some days, every 3 to 6 hours.
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I'm going to guess that this was actually just a refinance in very late 2022 and the website is showing it in a dumb/weird way. It's showing 345 payments left, which would put the close on the 30 year loan around November 2022.
Edit: Actually that would be too late to get the low rates. It might be a mortgage statement from a year ago.
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I think if it halved every 10 years, that would imply ~7% annual inflation. 15 years obviously implies a lower rate.
The real value is probably closer to halving every 15-25 years, but 15 really isn't an absurd number, corresponding to around 5% annual inflation.
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Usually not that high, though. At least in Burgerland. Average inflation over the last 20 years was like 2.4%
Every 30 years is a better bet.
Annual Rate/Percentage Change
2022 8.00% 3.30%
2021 4.70% 3.46%
2020 1.23% -0.58%
2019 1.81% -0.63%
2018 2.44% 0.31%
2017 2.13% 0.87%
2016 1.26% 1.14%
2015 0.12% -1.50%
2014 1.62% 0.16%
2013 1.46% -0.60%
2012 2.07% -1.09%
2011 3.16% 1.52%
2010 1.64% 2.00%
2009 -0.36% -4.19%
2008 3.84% 0.99%
2007 2.85% -0.37%
2006 3.23% -0.17%
2005 3.39% 0.72%
2004 2.68% 0.41%
2003 2.27% 0.68%
2002 1.59% -1.24%
2001 2.83% -0.55%
2000 3.38% 1.19%
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Sure if you start looking at 2000. Recent inflation has been quite low.
Go back 3 more decades tho and it wasn't always this way. It also doesn't seem like it'll be this way in the near future.
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If you're expecting some kind of economic boom+unlimited gibs+cheap credit and no recessions, I guess.
The targeted rate is 2%. Long term average is 3.1%
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Mortgages before the 2008 kerfuffle was pretty much the Wild West of lending and banks were doing some absolutely insane shit.
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Well, this sort of thing is exactly why the 2008 crash happened. It's entirely the bank's fault for being r-slurred enough to issue that loan.
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why? if he dies they get the fricking house
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Only if he does not have a will, and a boomer smart enough to take this loan probably does. The debt will go to the recipient of the house.
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and how is that a fricking problem for the bank?
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Because it means they still have to let the recipient pay 10 dollar mortgage payments.
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that's not what were talking about
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It was my reply to this question
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Over 40 years with that kind of payment the chance of default is extremely high, and simply taking the house doesn't really cover it.
Repossession is usually the last resort, and when that happens the house tends to be trashed.
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what
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It's no secret that home loans in the 2000s weren't being verified properly and the paper value of houses was inflated. The bank may take over and sell a defaulted house, but the cost of that process plus repairing the damage done by the previous owners usually exceeds the money made back.
Repossession is a last resort to recover at least some money, it's still a major loss.
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!commenters context I think:
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Redditoids are r-slurs, the drop in age is related to cutting LTC options for poors that have chronic health problems/drug addicts. The average age is still around 80, but that doesn't tell the whole story.
Regardless, if you're so worried about their assets because you're a fricking parasite, YOU could always take care of Mom and Dad, like people do in less neurodivergent parts of the world.
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Jews fear the mortagemaxxer
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Why would having a kid increase your insurance lmao... unless they are talking about health insurance? But why would that impact your mortgage payment? Even then, my employer offers an individual OR a family plan so if you add a spouse, you might as well have a few kids since it costs the same.
Redditors are notoriously financially illiterate and can't afford homes so I doubt they understand there are different kinds of insurance.
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Probably about auto insurance and putting the teen on car insurance.
When I got my car and joined family insurance it increased by about a hundred since I'm a new driver but fully own my car.
Yes chads, it's a 1999 Camry
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Camrychads rise up
Literally never had a problem with a Camry that wasn't directly my own fault
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The only problem I had was replacing these two oxygen things when I bought it. Guy I bought it from for 2,200 didn't change those but they were only $200 for parts and vacuum tube cleaning.
That weed smelling hard-working American tried selling it off to us without telling about the engine but basically got himself scammed lol. He prob got scammed since he got it a month earlier according to the title transfer history
I love that car so much holds like 18 gal gets 20 miles/gallon in town and a beautiful blue
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rises up
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Yeah I don't think it's like "you have a newborn baby so insurance is 10x now", I'm sure the increase is due to adding a new insured to the policy (and an expensive one at that, teens do dumbass shit).
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Not just dumbass shit but also the car still being paid off (redditors always have auto loans) or if for some r-slurred reason they got another car for the kid that's a newer model
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Yeah they might lump them together. They're doing it in this post about the "mortgage payment" including home insurance and property taxes. But they'll have to keep paying those anyways, mortgage or no, so it makes zero sense to include them.
Just another case of redditors being financial r-slurs.
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Having teenagers significantly increases the odds of your house burning down after one gets high and forgets about the pizza in the oven
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They're certainly talking about health insurance, I don't even think my homeowners asks about kids. Just single items stored in the house valued at over 20k
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That boomer has probably paid an assload of interest already so as long as he doesn't care about that he's completely minted and is living at like a fourth of the cost of all the other people who live around him
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If my calculations are correct, by the time he's done half of what he paid would have been interest.
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That's not that crazy, on a normal home loan you pay much more interest than the initial value of the house.
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Darn, the banks got burgers by the balls lmao
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Lol look at Canada, they can't even get mortgages beyond 5 years. Imagine getting a mortgage at a 4.8% rate, being forced to refi in 5 years and the new rate is 13.7%
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Jesus lol
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Thats awesome i wish i could get a 50 year mortgage
Remember that buying a house is just a real estate yolo on margin which means it's based
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Snapshots:
https://old.reddit.com/r/povertyfinance/comments/1dm8nlx/parents_have_a_52_year_mortgage/:
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Found it here/for the Twitterinos::
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/r/childfree:
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