Quote:
Originally Posted by Skaloper
"Borrowing money was necessary for house, but paying the minimum and increasing the duration of interest paid for the convenience of debt is unnecessary."
I know everyone has a different situation but my wife and I just had our first child at 33 and 32. We did choose to buy a house after prices skyrocketed but didn't want to put our lives on hold. We both have decent jobs but paying more into the mortgage isn't really feasible especially with childcare on the horizon. So yes we are forced into paying minimum and don't think it's necessarily a bad thing. Definitely won't have the house paid by 45 as that is a pipe dream for most our age unless you're making crazy amounts. That being said we do have some put aside for retirement from pensions and RRSP.
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Not that I should give financial advice given the mess my life is. But what you could try is taking the money you would need to spend on child care, and try saving that to put against your mortgage. Once you need it for Child Care, use it for that. Most mortgages do let you make a set amount of lump sum payments up to 15% of the value annually.
My wife had a coworker just come back from Mat Leave and she's paying 35% for two kids for what we used to pay for one. Granted her family is also in the you suck at life and have to live in Edmonton with your sub 180k family income bracket that helps qualify for subsidies. So if that's the case it will make that easier to deal with. At one point in time with two kids 5 years apart the CC expense was a lot more than the mortgage was.