Homeowners

Dohc-WP

Dohc-WP

Ron Burgundy
So the past 2 years since i've bought my house i have always paid a little extra on my mortgage normally between R200 and R1500 budget permitting but last night i was bored and played around with those online calculators and realised that if i were to pay R2500 extra per month i can finish paying off my house in approximately 7 years (saving close to R700 000 on interest) and if i pay about R3k extra a month then within 5 to 6 years. the only issue is if i do that i would probably not be able to buy a new car within the next 4-5 years or do any extravagant purchases but it beats paying off a bond for another 23 years.

Do any of you guys pay extra on your mortgages ?
 
I pay as much as I can extra into the house... um when I can. The plan is to have it paid off by the end of 2020. Then move to a bigger place. :)
 
Yeah pay extra.

Used to match it, but you can't keep that up for ever. Still pay more than the interest though. But I started doing it late, 3 years after otherwise it would be payed off by now. :(
 
HavocXphere said:
Just keep in mind that car repair costs can rise quite dramatically on older cars.

Wish I could buy... :(
Click to expand...

Wish I was in your position, but we all play the hand that's been dealt to us.

Anyway, can't afford to pay more. Haven't been able to give myself an increase for more than a year now and wife also didn't receive increase this year. Our normal monthly expenses have rises by around 15% (yay inflation) over the past year and we were already on the proverbial breadline. We knew we were buying a house slightly beyond our means, but it will pay off in the end due to the demand in the area.

TL;DR No, we can't afford to pay extra each month. Maybe in a year or so, but not now.
 
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