I feel a bit like a war profiteer or somebody who preys on the unfortunate circumstances of other people, but what you gonna do? It turns out that this marvelously bad economy is going to benefit us in at least one way: The Brunette just wrote to tell me that our mortgage payments for the next year are going down by $150 because we have one of those delayed ARMs and the lending rates have plummeted.
I suppose the smart thing to do would be to go ahead and keep paying the number we got used to this year to buy down the principal. How much would a reduction of $1800 in principal save us over the life of our home ownership? Any accountants out there?