AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
The Personal Finance Podcast
Should You Make EXTRA Payments Towards Your Mortgage? Money Q&A
Jun 19, 2024
Explore the benefits of making extra mortgage payments, prioritize experiences over material possessions, discuss retirement calculations and cash reserves, maximize Roth IRA contributions, and protect against social security scams in this episode.
30:11
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- Making extra mortgage payments can save $184,000 in interest and reduce payoff time by 15 years.
- Individuals should have separate Roth IRA accounts for maximum growth potential.
Deep dives
Accelerating Mortgage Payoff Through Extra Payments
Making extra payments on a mortgage can significantly reduce the payoff time. For example, with a $240,000 house and a 30-year mortgage, making an extra payment once a quarter can lead to paying off the house nearly 15 years early, saving $184,000 in interest. However, before considering this strategy, ensure you have a fully funded emergency fund, paid high-interest debts, and are on track with retirement contributions. Evaluating your financial goals and situation is crucial before deciding to pay off your mortgage faster.
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode