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Sound Financial Group - Bothell, Washington


Podcast Episode 122: Basics of Debt, Part 2: Dealing with Mortgages

| December 20, 2018
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Episode Summary

In this episode of the Sound Financial Bites podcast, host Paul Adams and co-host Cory Shepherd tell the tale of two sisters. One of them paying off her mortgage over 15 years, and the other over 30 years. Through this allegory, Cory and Paul discuss how to pay off your house in a manner that gives you the most freedom.

Their conversation covers the basics of mortgage payment plans, the reason that banks benefit from the 15-year plan, and simple interest debt versus compound interest growth.

What Was Covered

  • 1:15 - Welcome to the show
  • 2:40 - Review of the debt series
  • 3:35 - Introducing the mortgage conversation
  • 3:50 - What the bank gains from a 15-year mortgage
  • 6:35 - What is your goal?
  • 7:27 - The tale of two mortgages
  • 9:45 - The rest of the story
  • 10:04 - Simple interest debt vs. compound interest growth
  • 12:05 - The home appreciates regardless of your invested equity
  • 13:47 - The most flexible mortgage options
  • 14:40 - How to choose the best path
  • 16:00 - Your home is not an asset
  • 17:54 - Smaller payments & more control
  • 20:40 - Featured podcast review of the week



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