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Reply to "Paying off the morgatge, good or bad idea?"
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[quote=Anonymous]we are in a similar situation, however we are not planning to pay it off but make a huge payment of 100k on a 400k 20 y mortgage. We already put a lot down when we bought the house 3 years ago. We did the math: - mortgage is 400k left on 20 years with 3.75 interest rate - our saving account give us 2.2% interest, however we pay taxes on the gain, so it is not really 2.2% - We are maximizing retirement contribution - We have money left for emergency funds/repairs and other investment. my suggestion? pay 1/3 now and see how you feel about next year maybe you can pay another 1/3. - We like the idea off paying off mortgage soon since it is our biggest expense[/quote]
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