A friend last week was telling me a quick way to pay down your mortgage and I called BS. After he swore it was possible I went online the next morning and started looking around. I still don't see how it's possible and maybe I'll start another thread on it for the math gurus here to tell me but here is a site I came upon while searching.http://www.getrichslowly.org/blog/2008/ ... -the-time/
I read it all, even the comments section since that's where the interesting parts are. Many pros and cons that you have to weigh out on your end.
All I can say is we started another 15 year mortgage in August, plan to have it payed off in less than 10 years with an extra couple hundred dollars a month (soon as this boiler deal is done), and if extra $$ comes in from the garage it could be around 6 years.
We've never had enough deductions to allow use of the mortgage interest paid so Freddy and I are on the same page there, it's a useless argument. I'll take the $460 savings per $40 extra towards principal.
Just my $.02