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.
Found it here/for the Twitterinos:
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:
Jump in the discussion.
No email address required.
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
Jump in the discussion.
No email address required.
If my calculations are correct, by the time he's done half of what he paid would have been interest.
Jump in the discussion.
No email address required.
That's not that crazy, on a normal home loan you pay much more interest than the initial value of the house.
Jump in the discussion.
No email address required.
Darn, the banks got burgers by the balls lmao
Jump in the discussion.
No email address required.
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%
Jump in the discussion.
No email address required.
Jesus lol
Jump in the discussion.
No email address required.
More options
Context
More options
Context
More options
Context
More options
Context
More options
Context
More options
Context