My Next Extra Mortgage Payment Is Set In Motion
[ Tuesday December 18th 2018 at 2:11 pm ]
I am trying my best to use my inheritance to help me. After not having enough money to live off for years it is challenge prioritizing how to use money and what money I should be investing. Don't get me wrong. The money helps. But it isn't enough to take care of me. At best it is seed money.
Paying down my mortgage does this. If my home is paid off my cost of living goes down. This helps bring me more into alignment with the funds I receive each month in my disability pensions. Your complete cost of housing should be around 25 to 30% of your total monthly income.
Each year I am allowed to pay 10% to the principal if I have the financial means for this. I've sent a request for this option to the financial planner at the bank I am dealing with. I have a good relationship with the financial planner at the bank. I expect to hear back soon to confirm when this will process.