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re: The reoccuring question.. should I pay off my mortgage?
Posted on 9/19/12 at 11:38 am to RandySavage
Posted on 9/19/12 at 11:38 am to RandySavage
As everyone said the specific details of the situation make a difference, but as for rules of thumb, I'm starting to think that paying off the mortgage makes better sense. On paper many folks can beat the interest rates, but I think most don't because they don't put forth the proper time/effort. If you have better investment vehicles or are willing to put the time in great, but for most people who don't do that, I think paying off the mortgage faster, is a better bet.
2
Posted on 9/19/12 at 12:18 pm to slacker00
quote:
You want that note during a job loss?
He can always pay the note and taxes with this chunk of cash during a job loss or crises. On the other hand if he pays off the mortgage and then has a crises he cant even pay the taxes, electric bill, etc...
Posted on 9/19/12 at 4:43 pm to slacker00
quote:
On paper many folks can beat the interest rates, but I think most don't because they don't put forth the proper time/effort. If you have better investment vehicles or are willing to put the time in great, but for most people who don't do that, I think paying off the mortgage faster, is a better bet.
I agree with all of this. I would bet you come out nearly the same paying off the mortgage and investing your income in the long run. You will also have less stress and free up your time to do other things than calculate ROI on every little thing.
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