P$nnyPincher
2011-02-04, 01:48 PM
Discovered you guys a few weeks ago and have been scouring with interest at all the great information and advice. As a result am really keen to pay down the mortgage, just not quite sure realistically how long that could take – which is where you come in (please)!
So, in true forum fashion here are the crucial details…
37 year old couple, no kids (or will there be). Joint income of 123K (51+72) basic and usually another 40k in commission on the higher salary.
Mortgage – 298k, starting 3rd year of a 5 year 3.75% term, we recently upped our payments by 20% (the maximum we are allowed by the bank) which seems to be going towards the capital. Payments are $1200 bi weekly. Equity in the property is at least 250K.
No consumer debt and 18k on LOC on which $1200 of my salary is paid to bi-weekly but occasionally we have to borrow a bit back. Try to live solely on the larger salary.
We have been in Canada for 5 years and only just opened RRSP’s this past year and have added about 9k between us with room of about 80k left and have about 4k in a TFSA. Also have the equivalent of about 50k locked in pensions in the UK and don’t really think about them or include them in our calculations and look forward to a nice surprise in 20 or so years! Have toyed with the idea of bringing them here but at the current FX rate it would be foolish, if we ever get back to a decent level may think about it again.
We are going through the ‘where does all our money go?’ stage at the moment and are tracking our spending as we feel we could/should be saving/investing more than we do but never seem to have much left at the end of the month. We are neither extravagant nor frugal with our spending really just trying to live within our means. As mentioned I am getting quite keen on the idea of paying off our mortgage as I can’t get my head around the idea of borrowing to top up our RRSPs, or based on the above information does anyone have a better idea? If I have omitted any pertinent details just let me know.
In Summary;
Liabilities
298k Mortgage
18k LOC
Assets
250k Equity
9k RRSP
4k TFSA
15k 2 cars (2003 & 2005)
Income
163K
So, in true forum fashion here are the crucial details…
37 year old couple, no kids (or will there be). Joint income of 123K (51+72) basic and usually another 40k in commission on the higher salary.
Mortgage – 298k, starting 3rd year of a 5 year 3.75% term, we recently upped our payments by 20% (the maximum we are allowed by the bank) which seems to be going towards the capital. Payments are $1200 bi weekly. Equity in the property is at least 250K.
No consumer debt and 18k on LOC on which $1200 of my salary is paid to bi-weekly but occasionally we have to borrow a bit back. Try to live solely on the larger salary.
We have been in Canada for 5 years and only just opened RRSP’s this past year and have added about 9k between us with room of about 80k left and have about 4k in a TFSA. Also have the equivalent of about 50k locked in pensions in the UK and don’t really think about them or include them in our calculations and look forward to a nice surprise in 20 or so years! Have toyed with the idea of bringing them here but at the current FX rate it would be foolish, if we ever get back to a decent level may think about it again.
We are going through the ‘where does all our money go?’ stage at the moment and are tracking our spending as we feel we could/should be saving/investing more than we do but never seem to have much left at the end of the month. We are neither extravagant nor frugal with our spending really just trying to live within our means. As mentioned I am getting quite keen on the idea of paying off our mortgage as I can’t get my head around the idea of borrowing to top up our RRSPs, or based on the above information does anyone have a better idea? If I have omitted any pertinent details just let me know.
In Summary;
Liabilities
298k Mortgage
18k LOC
Assets
250k Equity
9k RRSP
4k TFSA
15k 2 cars (2003 & 2005)
Income
163K