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The Ramsey Show Highlights

Go Back And Listen To Yourself On This Call

The Ramsey Show Highlights

Ramsey Network

Investing, Education, Business, Self-improvement

4.5838 Ratings

🗓️ 19 November 2024

⏱️ 6 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

brought to you by the ramsi network app download today to go further with ramsie so right now

0:10.7

the main the main problem not a problem but i have a house right now it's worth about 400

0:18.8

400 to about 440.

0:22.8

I want to say around that range, 400 to 400 to 40,000.

0:27.1

And I took out a home equity line of credit on the house for $50,000.

0:35.4

Now, I watched this one video about if you put the $50,000 back in on the house,

0:43.6

it will drop the, um, it will make it so that you pay more on the principal and less on the

0:51.6

interest, which is somewhat true.

0:53.6

I put about $40,000 on back into the house, which the payment, which the mortgage payment

1:00.8

stayed the same.

1:01.8

I want to say that instead of the principal, me paying like, it's basically only $100

1:09.8

difference that I pay, that I save myself that goes towards

1:15.1

principal versus the interest for the whole $50,000.

1:19.5

Now, the $50,000 cost about $250 a month in interest.

1:26.8

I have to pay about $250 a month in interest. I have to pay about $250 a month on interest on the $50,000, and it only

1:33.7

saved me $100. $100 more goes towards principal versus the interest. So in all, it's almost like

1:42.7

I'm losing $150 for like no reason. So I'm kind of

1:47.5

curious as to what you think about that because I am thinking about kind of like, I don't see

1:54.1

myself really paying back at $50,000 anytime soon. So I'm thinking about trying to sell the house.

1:59.9

Bejean, here's how I'll tell you how I think about

2:03.5

this. Go back and watch this clip and just listen to yourself. You're going to go, what have I done?

2:10.7

This is madness. I did all these backflips in order to try to pay down the house early when I could

...

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