financially yours. question 1. lump sum of $90k

[kzzl]

Yall fuck with me on this math.

10 years of $1400 payments should come out to 168k. Subtract that from the 180k for the house, that leaves us with 12k. A'ight, I got that part wrong in my first post and it throws off everything. Starting over with that refreshing blessing of 90k, I use some of that to knock out the 12k left on the house. That leaves us with 78k. We could add that to the 7k in savings and we get... shit, we get 90k again.

My math was fucked at first, but this looking legit right here.

LoL, It don't work like that bruh!

There's this thing called.... interest. You pay the majority of the interest and a small portion of the principal first and vice versa towards the end of the loan.

You're gonna owe SIGNIFICANTLY more than 12k in 10 years in mayne.

He didn't give those details, so I just went with what he posted. Assuming all of that was included in the numbers he gave.

 

[Idiopathic Joker]

Hookers and cocaine

 

[2stepz_ahead]

the fukk?

the cost of the house is $180,000 not including interest. you have been paying your mortgage for 10 yrs of the 30.

I think y'all making this harder than it has to be.

y'all are looking at the wrong things.

the purpose is always financial freedom. I don't know anyone who wants to be in debt.

 

[felliwonda]

90k.

at very first I would grab 50k and put it in the bank.

With the remaining 40k I would drop 10k on the house

And then use 20k to remodel a few things. With the remaining 10k use 5k for a modest vacation and with the last 5k take care of my paid off car.

In the mean time think search and consider what I can do with 50k that will push me forward wether it'd be save or invest maybe I need ideas with that.

 

[StillFaggyAF]

Paying off my student loans

Putting some in a CD

Save the rest

Travel

No I didn't read nigga

 

[Cinco]

a 90k lump sum huh? yeah im upgrading from ghibli to quattroporte

Ghibli shouldn't have been playin around in the first

 

[AZTG]

I find it crazy that people would only save some and spend the rest on shit thats not necessary. Now again, saving dont mean put it in savings. More like an investment account that gives a decent return but is easily liquifiable incase you need the money.

Reason I say that is cause in the scenario you got a mortgage and 3 kids and 7k in savings. That 7k aint enough man. Soon as someone loses their job, your fucked. Fuck around lose the house and everything you worked for.

Biggest difference in the mentality of a person that has money and a person thats broke that Ive personally seen is that broke people have tunnel vision and that causes them to make bad decisions.

So you can fuck around and update your house, pay half your house off etc.. but as soon as you and wife lose your job cause life hits you hard you gonna lose all that and the 7k in savings not gonna hold you down for long.

 

[Cinco]

Aight.

I'd drop 40k on the mortgage.

Refinance the remaining 140k (interest rates in 2007 were 3% higher) keep paying that 1400$. That means in 12 years we'll be done w the house.

Use 50k to invest

(Could be downpay on a brownstone multi family to bring in another $800-1000 a month for life) I guarantee that'll cover y'all household bills

 

[blakfyahking]

the fukk?

the cost of the house is $180,000 not including interest. you have been paying your mortgage for 10 yrs of the 30.

I think y'all making this harder than it has to be.

y'all are looking at the wrong things.

the purpose is always financial freedom. I don't know anyone who wants to be in debt.

the bolded doesn't make sense.....cause those of us who actually know what it's like to pay a mortgage know that it's more than just "paying for 10 out of 30 years"

the exact circumstances of your interest rate (and even taxes for that matter) changes drastically what someone would do with 90K bruh

u asked a question with too many variables left out and acting like u want a straight forward answer

there is no simple solution to ur question.....90K wouldn't get u out of debt in this situation :shrugs

 

[2stepz_ahead]

the fukk?

the cost of the house is $180,000 not including interest. you have been paying your mortgage for 10 yrs of the 30.

I think y'all making this harder than it has to be.

y'all are looking at the wrong things.

the purpose is always financial freedom. I don't know anyone who wants to be in debt.

the bolded doesn't make sense.....cause those of us who actually know what it's like to pay a mortgage know that it's more than just "paying for 10 out of 30 years"

the exact circumstances of your interest rate (and even taxes for that matter) changes drastically what someone would do with 90K bruh

u asked a question with too many variables left out and acting like u want a straight forward answer

there is no simple solution to ur question.....90K wouldn't get u out of debt in this situation :shrugs

you had to be the one huh?

this is not about a straight answer.

I don't think you read the OP.

I already said we all have different backgrounds and it's not about right or wrong.

open ended questions are asked for a reason.

Just provide your opinion

smdh

 

[2stepz_ahead]

10 years into a mortgage, assuming that you have a decent interest rate will put you in the low 100K, would say 110-130K left. So, will still be in debt regardless if you put all the money in the house.

2 questions: - How old are the kids

- Are we both working?

it's interesting that you came up with this. your math is good.

now would you pay ,the ,90k towards the remaining and refi the last bit to have a very low mortgage payment?

this is what I would do..

I would say to get to a point where you can survive comfortably on one income. the lowest income between the two.

so just in case someone loses their job or something...the other can pick up the slack. but if they both continue working, they can save more...almost the other person's whole salary once you get to a place where 1 income can carry the household.

then start looking for investments with all the extra money.

just my opinion.

 

[2stepz_ahead]

@Sion

your thoughts

 

[manikongo]

10 years into a mortgage, assuming that you have a decent interest rate will put you in the low 100K, would say 110-130K left. So, will still be in debt regardless if you put all the money in the house.

2 questions: - How old are the kids

- Are we both working?

it's interesting that you came up with this. your math is good.

now would you pay ,the ,90k towards the remaining and refi the last bit to have a very low mortgage payment?

this is what I would do..

I would say to get to a point where you can survive comfortably on one income. the lowest income between the two.

so just in case someone loses their job or something...the other can pick up the slack. but if they both continue working, they can save more...almost the other person's whole salary once you get to a place where 1 income can carry the household.

then start looking for investments with all the extra money.

just my opinion.

No! This is why and my answer is all based on assumptions since you did not provide adequate answer to my questions.

10 years into a mortgage probably means that the kids are in HS. Only 7K in savings is not enough to warrant being comfortable enough to spend it all. Now, saving 600$ a year means one or two things: They have a spending problem or they have huge liabilities because it does not make sense but i understand your point here.

Also, if the couple took a 180K mortgage, it means that the union is most likely making less than 100K a year, that's why if i was in their shoes, i would not spend it all.

So i would split it in 3:

1: 30K toward the principal

2: 30K toward the kids college fund

3: Invest the remaining 30K.

 

[2stepz_ahead]

10 years into a mortgage, assuming that you have a decent interest rate will put you in the low 100K, would say 110-130K left. So, will still be in debt regardless if you put all the money in the house.

2 questions: - How old are the kids

- Are we both working?

it's interesting that you came up with this. your math is good.

now would you pay ,the ,90k towards the remaining and refi the last bit to have a very low mortgage payment?

this is what I would do..

I would say to get to a point where you can survive comfortably on one income. the lowest income between the two.

so just in case someone loses their job or something...the other can pick up the slack. but if they both continue working, they can save more...almost the other person's whole salary once you get to a place where 1 income can carry the household.

then start looking for investments with all the extra money.

just my opinion.

No! This is why and my answer is all based on assumptions since you did not provide adequate answer to my questions.

10 years into a mortgage probably means that the kids are in HS. Only 7K in savings is not enough to warrant being comfortable enough to spend it all. Now, saving 600$ a year means one or two things: They have a spending problem or they have huge liabilities because it does not make sense but i understand your point here.

Also, if the couple took a 180K mortgage, it means that the union is most likely making less than 100K a year, that's why if i was in their shoes, i would not spend it all.

So i would split it in 3:

1: 30K toward the principal

2: 30K toward the kids college fund

3: Invest the remaining 30K.

the example is hypothetical.

but you would be surprised how many people don't even have that much saved.

both working... making $80k an $50k

let's say kids are 5, 8, and 11.

 

[manikongo]

10 years into a mortgage, assuming that you have a decent interest rate will put you in the low 100K, would say 110-130K left. So, will still be in debt regardless if you put all the money in the house.

2 questions: - How old are the kids

- Are we both working?

it's interesting that you came up with this. your math is good.

now would you pay ,the ,90k towards the remaining and refi the last bit to have a very low mortgage payment?

this is what I would do..

I would say to get to a point where you can survive comfortably on one income. the lowest income between the two.

so just in case someone loses their job or something...the other can pick up the slack. but if they both continue working, they can save more...almost the other person's whole salary once you get to a place where 1 income can carry the household.

then start looking for investments with all the extra money.

just my opinion.

No! This is why and my answer is all based on assumptions since you did not provide adequate answer to my questions.

10 years into a mortgage probably means that the kids are in HS. Only 7K in savings is not enough to warrant being comfortable enough to spend it all. Now, saving 600$ a year means one or two things: They have a spending problem or they have huge liabilities because it does not make sense but i understand your point here.

Also, if the couple took a 180K mortgage, it means that the union is most likely making less than 100K a year, that's why if i was in their shoes, i would not spend it all.

So i would split it in 3:

1: 30K toward the principal

2: 30K toward the kids college fund

3: Invest the remaining 30K.

the example is hypothetical.

but you would be surprised how many people don't even have that much saved.

both working... making $80k an $50k

let's say kids are 5, 8, and 11.

Yeah, that is even worse. With all that money combined, they probably taking 75-80K yearly after taxes. That is 6500$ cash monthly. No car notes, assuming 2500 in bills and foods, 2000K (hypotherical) for the kids if they go to private schools...Man, it does not make sense, should have between 2000 to 4000$ cash on a monthly basis.

Since they cant save, it is worthless in my opinion, they need some classes...

With your new numbers, i would still split them in 3...

Now if they were financially responsible, yeah, would definitely make sense to pay it all toward the mortgage. Would definitely do it!

 

[2stepz_ahead]

10 years into a mortgage, assuming that you have a decent interest rate will put you in the low 100K, would say 110-130K left. So, will still be in debt regardless if you put all the money in the house.

2 questions: - How old are the kids

- Are we both working?

it's interesting that you came up with this. your math is good.

now would you pay ,the ,90k towards the remaining and refi the last bit to have a very low mortgage payment?

this is what I would do..

I would say to get to a point where you can survive comfortably on one income. the lowest income between the two.

so just in case someone loses their job or something...the other can pick up the slack. but if they both continue working, they can save more...almost the other person's whole salary once you get to a place where 1 income can carry the household.

then start looking for investments with all the extra money.

just my opinion.

No! This is why and my answer is all based on assumptions since you did not provide adequate answer to my questions.

10 years into a mortgage probably means that the kids are in HS. Only 7K in savings is not enough to warrant being comfortable enough to spend it all. Now, saving 600$ a year means one or two things: They have a spending problem or they have huge liabilities because it does not make sense but i understand your point here.

Also, if the couple took a 180K mortgage, it means that the union is most likely making less than 100K a year, that's why if i was in their shoes, i would not spend it all.

So i would split it in 3:

1: 30K toward the principal

2: 30K toward the kids college fund

3: Invest the remaining 30K.

the example is hypothetical.

but you would be surprised how many people don't even have that much saved.

both working... making $80k an $50k

let's say kids are 5, 8, and 11.

Yeah, that is even worse. With all that money combined, they probably taking 75-80K yearly after taxes. That is 6500$ cash monthly. No car notes, assuming 2500 in bills and foods, 2000K (hypotherical) for the kids if they go to private schools...Man, it does not make sense, should have between 2000 to 4000$ cash on a monthly basis.

Since they cant save, it is worthless in my opinion, they need some classes...

With your new numbers, i would still split them in 3...

Now if they were financially responsible, yeah, would definitely make sense to pay it all toward the mortgage. Would definitely do it!

you getting the point.

 

[blakfyahking]

the fukk?

the cost of the house is $180,000 not including interest. you have been paying your mortgage for 10 yrs of the 30.

I think y'all making this harder than it has to be.

y'all are looking at the wrong things.

the purpose is always financial freedom. I don't know anyone who wants to be in debt.

the bolded doesn't make sense.....cause those of us who actually know what it's like to pay a mortgage know that it's more than just "paying for 10 out of 30 years"

the exact circumstances of your interest rate (and even taxes for that matter) changes drastically what someone would do with 90K bruh

u asked a question with too many variables left out and acting like u want a straight forward answer

there is no simple solution to ur question.....90K wouldn't get u out of debt in this situation :shrugs

you had to be the one huh?

this is not about a straight answer.

I don't think you read the OP.

I already said we all have different backgrounds and it's not about right or wrong.

open ended questions are asked for a reason.

Just provide your opinion

smdh

LOL I did read the OP bruh.........the scenario is generic as fuck

me right now? I'd just put all of it into an investment

but u added in kids

and mentioned a mortgage without the possibility of interest........what type of mortgage doesn't include interest my nigga? haha

just be humble enough to say u might've fucked up a lil bit

 

[2stepz_ahead]

the fukk?

the cost of the house is $180,000 not including interest. you have been paying your mortgage for 10 yrs of the 30.

I think y'all making this harder than it has to be.

y'all are looking at the wrong things.

the purpose is always financial freedom. I don't know anyone who wants to be in debt.

the bolded doesn't make sense.....cause those of us who actually know what it's like to pay a mortgage know that it's more than just "paying for 10 out of 30 years"

the exact circumstances of your interest rate (and even taxes for that matter) changes drastically what someone would do with 90K bruh

u asked a question with too many variables left out and acting like u want a straight forward answer

there is no simple solution to ur question.....90K wouldn't get u out of debt in this situation :shrugs

you had to be the one huh?

this is not about a straight answer.

I don't think you read the OP.

I already said we all have different backgrounds and it's not about right or wrong.

open ended questions are asked for a reason.

Just provide your opinion

smdh

LOL I did read the OP bruh.........the scenario is generic as fuck

me right now? I'd just put all of it into an investment

but u added in kids

and mentioned a mortgage without the possibility of interest........what type of mortgage doesn't include interest my nigga? haha

just be humble enough to say u might've fucked up a lil bit

well see...I gave you the mortgage amount. the payment and how many years was paid on 30 year mortgage...you can kinda narrow down the interest rate with that info. someone else came up with what would still be left just off that lil bit.

so with the provided scenario and such a large sum...tell me how and why would interest rate be important...

I also said kids in the OP

 

[blakfyahking]

the fukk?

the cost of the house is $180,000 not including interest. you have been paying your mortgage for 10 yrs of the 30.

I think y'all making this harder than it has to be.

y'all are looking at the wrong things.

the purpose is always financial freedom. I don't know anyone who wants to be in debt.

the bolded doesn't make sense.....cause those of us who actually know what it's like to pay a mortgage know that it's more than just "paying for 10 out of 30 years"

the exact circumstances of your interest rate (and even taxes for that matter) changes drastically what someone would do with 90K bruh

u asked a question with too many variables left out and acting like u want a straight forward answer

there is no simple solution to ur question.....90K wouldn't get u out of debt in this situation :shrugs

you had to be the one huh?

this is not about a straight answer.

I don't think you read the OP.

I already said we all have different backgrounds and it's not about right or wrong.

open ended questions are asked for a reason.

Just provide your opinion

smdh

LOL I did read the OP bruh.........the scenario is generic as fuck

me right now? I'd just put all of it into an investment

but u added in kids

and mentioned a mortgage without the possibility of interest........what type of mortgage doesn't include interest my nigga? haha

just be humble enough to say u might've fucked up a lil bit

well see...I gave you the mortgage amount. the payment and how many years was paid on 30 year mortgage...you can kinda narrow down the interest rate with that info. someone else came up with what would still be left just off that lil bit.

so with the provided scenario and such a large sum...tell me how and why would interest rate be important...

I also said kids in the OP

interest rate is very important cause obviously if I was paying 4% from 10 yrs ago when I 1st bought the house, then my principal/interest is only approximately $860/ month or so

throw in another $250/month for taxes and insurance, u paying $1110 a month..............$1400 - $1110 u paying an extra $290 a month on ur mortgage towards principal..............that extra $290 changes a lot

why? cause in real life if u at 10yrs in a house (let's assume u had it built brand new):

1 - u got have to start doing major repairs/services/replacement of at least one major appliance

2- assuming ur income has gon up within the 10 yrs u owned the house, ur tax return is going to decrease because ur mortgage deduction is decreasing due to less interest being paid (unless u got other deductions)

3 - u throwing in kids, how old are they? if 1 is about to go to college, then obviously that affects what u gon do with the money

the interest rate in the beginning sets the stage for everything......there is a huge difference between paying a 4% rate on a mortgage (which is where I came up with the whole $1110 payment) vs paying a 8.5% rate (which is equivalent to a ($1384 payment closer to what u mentioned in the OP)

that 8.5% rate changes everything........that would even mean that ur credit is suspect which brings even more issues to the table

that's why I said the OP was too generic.........most posters here ain't never paid/had a mortgage to truly understand how everything would be affected

 

[Ajackson17]

Bribing a mulatto to be my wife and having a side piece. It costs money to be the boss.