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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.
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 9/20/22 at 8:07 pm to tigersfan1989
I don’t understand why having a mortgage creates stress.
And even once the mortgage is paid off, I’ll still have $15K+ in property taxes and insurance into perpetuity. The house is never “owned” outright.
And even once the mortgage is paid off, I’ll still have $15K+ in property taxes and insurance into perpetuity. The house is never “owned” outright.
Posted on 9/21/22 at 5:20 am to lynxcat
quote:wow! That's nuts! My cost is about $3k
$15K+ in property taxes and insurance
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 8:16 am to lynxcat
quote:
I’ll still have $15K+ in property taxes and insurance into perpetuity.
You need to move
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.
Posted on 9/21/22 at 10:59 am to SM1010
Better get those taxes and insurances taken care of while you’re at it. Oh wait…
Posted on 9/21/22 at 1:33 pm to turkish
I owe 160k on a 30 year and was paying an extra $200 per month to have it paid off in 17 years. My rate is 2.7%, and with the current economy, it would be stupid to continue to pay extra on it. Peace of mind is one thing, but having such cheap, fixed debt while inflation is damn near 10% is an asset in itself.
Posted on 9/22/22 at 5:20 am to 632627
quote:
For anyone that took advantage of the insane low rates during the pandemic, you’d be a fool to pay down your mortgage any earlier than scheduled.
This is where I’m at. But I think it’s different for everyone based on age, family size, income etc.
If locked under 3% and relatively young, and mortgage is around 20-30% of net income, no need to pay extra right now when those dollars can be invested now and growing over the next 25 years imo.
This post was edited on 9/22/22 at 8:09 am
Posted on 9/22/22 at 8:40 pm to boogiewoogie1978
Texas property taxes…
Posted on 9/23/22 at 7:45 am to tigersfan1989
I agree - similar
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