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Reply to "Would you save extra money for retirement or put toward mortgage debt?"
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[quote=Anonymous][quote=Anonymous]I'm dealing with the same decision. Second house. Got proceeds from sale of prior house and want to use about $100k of that to pay down the mortgage (the lender will recast the payments for the remaining life of the loan for no fee). Issue is that I want this house paid off in 15 years so we don't have payments in retirement. Mortgage rate is 3.75 but we lose a lot of our deductions due to PEP /Pease and AMT so don't get the full tax benefit. Thoughts?[/quote] Agree with this. At 4%, I almost don't even consider the tax benefits of interest anymore. If you want done in 15 years, put it in your plan and work toward it. The only thing I will say is that there is nothing stopping you from doing a 30 year and doubling up the payments to pay it down early - if you ever got in trouble, you are only on the hook for the 30 year payment, not the 15 year payment. I like this plan, though. [/quote]
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