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re: Best way to payoff mortgage early?
Posted on 2/9/17 at 9:20 pm to Croacka
Posted on 2/9/17 at 9:20 pm to Croacka
quote:
At 3.875, I wouldn't pay it off any faster than they forced me to
Quicker I pay it off the quicker I can use the monthly payments to invest. I'd rather be getting paid interest then paying it.
2
Posted on 2/9/17 at 9:23 pm to cstev12
Or you could invest the money you'd like to pay if off with now.
Keep in mind that with the Tax benefits of interest, your effective rate is closer to 3%
If you can beat 3% investing, invest now
Keep in mind that with the Tax benefits of interest, your effective rate is closer to 3%
If you can beat 3% investing, invest now
Posted on 2/10/17 at 2:16 pm to cstev12
quote:
Quicker I pay it off the quicker I can use the monthly payments to invest. I'd rather be getting paid interest then paying it.
You need to learn about the time value of money. Investing the difference instead of paying principal will ALWAYS be the best course of action.
Just realize paying down principal is an emotional decision, not a logical one, and investing will make sense. Fear of a mortgage is a Depression era mindset that shouldn't exist today.
You'd be much happier in 30 years when you will have more than enough to pay off the mortgage in your brokerage account from investing the difference.
This post was edited on 2/10/17 at 2:25 pm
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