Now that the standard deduction pretty much nullifies the benefit of offsetting your interest on your home loan, it doesn't really make much sense to maintain that debt service.
Anyone thinking of paying off their mortgage?
- Thread starter Ostatedchi
- Start date
Unless you think you can earn a higher return on investing the dollars you'd otherwise use to pay off the mortgage than the interest rate you're paying on the mortgage.
Yeah, I think I can and since I'm getting credit for the tax implications now, I'm almost getting paid twice. Or am I just mis-thinking this?
This isn't the main board.
I just wrote a check
The Stacks, Ready Player One?
Ya but I’m a little early to the party I think
must have been a pretty big check...you've got zoned AC's and a HD antenna.
I just wrote a check
I have always paid off any loan as soon as financially possible. Never like seeing that actual cost number. To me saving money over time makes up for any tax benefit. But that's' just me.
I am same way. I know it is not always the best financial decision. But I like more not having debt.
Pay cash for everything. Only owe on the house and that payment will be gone in about 2 years. Nothing negative can happen when you have zero debt.
The borrower is a slave to the lender.
The borrower is a slave to the lender.
Not really a tax decision which is a bad basis for any long term financial decision to be honest but I've live in my house for twenty plus years and its been paid off for about five. There's a definite mental financial security to not having any debt as I move toward retirement. This may be an age and background thing but I watched my parents work their ass off and live paycheck to paycheck my entire youth and then my dad end up basically broke at the end of his life due to medical bills etc. There's certain security in having a debt free home no matter what else happens.
I know all the young financial wizes will tell you to borrow every cent you can at 4% and invest it but I guess I inherited a little more conservative approach based on my background.
I know all the young financial wizes will tell you to borrow every cent you can at 4% and invest it but I guess I inherited a little more conservative approach based on my background.
We paid our mortgage off a few years ago. Wrote the last rent check for my daughter at OSU and mortgage payment in the same month. Felt like some of the shackles had been taken off.
I’m not able to pay off the house entirely, but I pay an extra month’s payment in December straight to principal, and we have moved to twice a month billing instead of once a month. Paying twice a month instead of monthly cut the length of the mortgage by I think 3-5 years.
Going to be debt free except for mortgage in about two weeks.
Then going to work on paying mortgage off fully in the next five years or so.
Then going to work on paying mortgage off fully in the next five years or so.
I plan on paying more towards my mortgage after I pay off our two new vehicles and matching jet skis. I'm not focusing on these too much right now but should have the boat AND RV paid off by 2035.
Those 20 years notes are too hard to pass up, the payments are just so small.
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