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re: When to pay off the mortgage
Posted on 9/20/22 at 7:41 am to Grinder
Posted on 9/20/22 at 7:41 am to Grinder
As soon as you can. As long as you’re maintaining it correctly (and in a decent location) you’re going to have an asset which appreciates. Not to mention the peace of mind knowing you don’t owe a dime on it, that’s worth a lot.
You can always get a HELOC if you really want to invest in something really badly.
You can always get a HELOC if you really want to invest in something really badly.
0
Posted on 9/20/22 at 5:52 pm to Grinder
I paid off my 30yr in 11yrs. I've been debt free for the last 12 years. If you can do it, you should.
PS - I know your argument against against what I did, but it's a decision that I do not regret.
PS - I know your argument against against what I did, but it's a decision that I do not regret.
Posted on 9/20/22 at 6:46 pm to Grinder
I don't anticipate paying off my mortgage early....but if I do, it would be when I turn 59.5 and have access to my ROTH IRA. I'd prefer to avoid taxable events if possible. If I'm paying off my mortgage early it's going to be via a lump sum. I don't see the point of paying an extra amount each month. It decreases my liquidity, but it doesn't decrease my monthly payments (although it does reduce the number of months you have remaining).
Edit: Even if the goal was to pay off your mortgage early, you would be able to pay it off faster if you kept the funds allocated for extra payments towards the principal invested until you can lump sum the rest of the balance of the mortgage.
Edit: Even if the goal was to pay off your mortgage early, you would be able to pay it off faster if you kept the funds allocated for extra payments towards the principal invested until you can lump sum the rest of the balance of the mortgage.
This post was edited on 9/20/22 at 6:54 pm
Posted on 9/20/22 at 7:07 pm to Grinder
I sleep 8+ hours a night no problem with most nights not waking up once. I have a mortgage. I put over 40k / year in retirement and another 15k or so in additional investments. I don’t put a penny extra towards my mortgage. Both of our vehicles are paid for one is 10 years old and the other 6 years old. I don’t understand the concept of having a mortgage as stressful. I could pay it off within a year if I really wanted to but I’m keeping it for the next 25 years. I keep the money in investments to grow I don’t keep it locked up in house equity. My home value has no correlation to if I have a mortgage or not so why put extra money towards it when I can have my money compounding in the market.
This post was edited on 9/20/22 at 7:10 pm
Posted on 9/21/22 at 6:37 am to Grinder
quote:
When to pay off the mortgage
When it keeps you up at night.
Otherwise enjoy the (likely) low rate.
Posted on 9/21/22 at 8:27 am to Grinder
Would like to semi-retire before my 50s so definitely need to get the mortgage paid off and expenses as low as possible.
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