Personal Finance and Investing

FirefighterJo

(361 posts)

30. Pay off the mortgage

Sat Dec 28, 2024, 03:46 AM

Dec 28

1. You subtract yourself from the volatility of the markets and workers troubles that are ahead of us.
2. You will feel relieved every day to be able to live debtfree.
3. If you play it wisely, every month you put the sum of your mortgage monthlies on your savings account and you will have one nice nest egg in no time to invest in anything you want (we invested in renewable and isolation, further reducing our monthly dues)

Just an idea

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Mike 03 druidity33 multigraincracker

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I'm wondering...would it be better paying off my mortgage (80K) or keep the money in market investments? [View all] OAITW r.2.0 Dec 27 OP

I'd pay off the mortgage. If the economy goes to shit at least you'll own your house Ocelot II Dec 27 #1

That's what I am thinking too. And who knows how they will screw with SS. OAITW r.2.0 Dec 27 #2

There might be snowybirdie Jan 1 #51

I paid mine off, it was a better move for me regardless of the tax situation. Ocelot II Jan 1 #54

Are you familiar with the Turbineguy Dec 27 #3

I did, once, about 30 years ago. OAITW r.2.0 Dec 28 #6

If you've got it... 2naSalit Dec 27 #4

I have 2 CD's that would about cover it. About 6 months from maturity. OAITW r.2.0 Dec 28 #9

Hmm... 2naSalit Dec 28 #10

Only if you itemize your deductions. Many do not since they changed the law question everything Dec 28 #14

I thought that didn't matter now with the higher personal deduction, especially on 80k Shellback Squid Dec 28 #16

It comes down to the total annual interest cost plus annual property taxes IbogaProject Dec 28 #17

You get a tax deduction on the mortgage interest Felicita Dec 28 #21

Good advice, thanks. Maybe paying down chunks. over time, is the better way to go. OAITW r.2.0 Dec 28 #23

Prepaying some of the principal each month is a good option. TheRickles Jan 1 #52

The fed has signaled that inflation and interest rates are going up, IIRC. usonian Dec 28 #5

you'll give up $80K and lose a tax deduction. whats the interest rates for mortgage vs possible msongs Dec 28 #7

How much interest is in your payments? Renew Deal Dec 28 #8

Pay off the mortgage. greatauntoftriplets Dec 28 #11

What's the interest rate on the mortgage and how old is it? PSPS Dec 28 #12

I paid mine off, with $500 to spare in my account. alfredo Dec 28 #13

Well, I can tell you, 1st hand, LL Bean's sells quality product. OAITW r.2.0 Dec 28 #24

your current interest rate on the mortgage? Shellback Squid Dec 28 #15

I think it's 3.5% OAITW r.2.0 Dec 28 #18

CDs and short-term treasury bills/other bonds are currently over 4 percent carpetbagger Dec 28 #20

Debt free is great state of mind. rubbersole Dec 28 #19

I'm leaning that way, too. OAITW r.2.0 Dec 28 #25

I paid mine off earlier this year. woven Dec 28 #22

Welcome aboard! OAITW r.2.0 Dec 28 #27

No advice, just analysis here HariSeldon Dec 28 #26

Something to consider. Thanks for posting. OAITW r.2.0 Dec 28 #28

We were in the same situation 25 years ago - Paid off the mortgage GoneOffShore Dec 28 #29

Pay off the mortgage FirefighterJo Dec 28 #30

This is good advice Renew Deal Dec 28 #32

I have an Acorns account. Something I am trying to get my kids and neices and nephews to use, OAITW r.2.0 Dec 31 #38

I never regretted paying off my mortgage early. viva la Dec 28 #31

2008 - and the Maidoff led market collapse. I sat down with my wife. "Lets pay it off now because we don't know 3Hotdogs Dec 28 #33

I'm kinda where you are, but without the wife. OAITW r.2.0 Dec 31 #39

50 acres. Where is that? The only acre I got is from a bad tooth. 3Hotdogs Dec 31 #40

Central Maine. Right smack in the middle of nowhere. OAITW r.2.0 Dec 31 #41

NIce. I had friends who had several acres in Stetson, Me., outside of Bangor. They bought a couple of acres, around '72, 3Hotdogs Dec 31 #45

Never had an experience like that. I was on the Planning Board in my town in the 90;s. OAITW r.2.0 Dec 31 #46

Different times ----- different neighbors. 3Hotdogs Dec 31 #47

Continuing. 3Hotdogs Dec 31 #48

Had a very deep temperature drop 2 years ago. Really cold, then -50F below overnigjt, then really cold again. OAITW r.2.0 Dec 31 #49

How old are you? And are the investments mostly MontanaFarmer Dec 28 #34

I'm encroaching on 72. OAITW r.2.0 Dec 31 #42

That's tempting to get out of the MontanaFarmer Jan 1 #50

Invest a small portion into Quantam computing and Beachnutt Dec 28 #35

I did it shortly before retiring - smartest thing I could have done under the circumstances. Ocelot II Dec 28 #36

I am 72. Thinking about a living trust to put the house into and making my kids the beneficiaries. OAITW r.2.0 Dec 31 #43

How do you feel about buying dead horses? lastlib Dec 30 #37

To simplify. I have an $80K mortgage at 3.5% (20 years/ 5 years in). I have CD investment equivalents making 5% OAITW r.2.0 Dec 31 #44

I've been interested in this thread wryter2000 Jan 1 #53

If you have 15 year CDs earning 5%, you would be better off financially to not pay off your mortgage; however, surfered Jan 1 #56

Sounds like a good plan. multigraincracker Jan 1 #58

Consider what they economic opportunity cost is LogDog75 Jan 1 #61

We didn't have a very good loan so it made sense for us to pay off our mortgage many years ago. CrispyQ Jan 1 #55

Pay off the mortgage. ificandream Jan 1 #57

I had planned on paying my house off when I retired Americanme Jan 1 #59

If you have enough, put that into a Money Market account as long as it is paying more than Wonder Why Jan 1 #60

money market dividends are not qualified dividends, and so are not eligible for the capital gains rate nmmi Jan 1 #62

I stand corrected on that point. They are not eligible for capital gains rate. Wonder Why Jan 1 #63