Tried the "double your mortgage payment" advice for 6 months straight

Put an extra $800 a month toward principal on my 4% rate house. Lost my job in March and had to eat $4000 in savings just to keep making minimum payments. Think I'll stuff that extra cash in a HYSA next time instead of tying it up in drywall equity. Anyone else get burned by following aggressive payoff advice?

2 comments

2 Comments

stellac974d ago

Lost your job in March and had to eat $4000 in savings"? That's brutal, wow.

ruby_foster933d ago

Oh come on, is $4000 really that bad? You got a whole 6 months of building equity before life happened, that's not exactly getting burned.