Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
well, will definitely drain ours, as in his parents, and whatever else he has to add. Likely - even borrow some from her parents. Which of course will be no interest pay back whenever deal, but still.
Personally, and it's very unusual way of killing mortgage, and it's thread capering, but I do this:
our payment was around $2800 and I paid $5000 for several years, until I collected major equity in it.
Then, I recasted. That dropped payment to $1300, but I still kept paying $5000. That built up equity even faster, and in less than a year, I recasted again, what dropped payment to $800 - and I still pay $5000 a month.
Thing is, recasting costs only $250. Equity grows like crazy though.
Also, when you say he has an interest-only loan - is he still only paying interest or has the payment now increased to start including principal too now?