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Reply to "We are officially mortgage-free!"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I have 26 years left on a 2.25%[/quote] Same but 2.8%. Trying to get it done in 10 years. [/quote] Why? You can get 100% risk free guaranteed returns greater than 2.8%[/quote] Totally agree. Very dumb, PP. You should be putting that money into a HYSA at 4.2%. After paying at least 32% in taxes (24% federal and 8% Maryland), your 4.2% return becomes 2.85%. That 0.05% extra is huge. By paying off a $300,000 mortgage instead of keeping that amount in an HYSA, you’re giving up TWELVE WHOLE DOLLARS EVERY MONTH. Never mind that by paying off the mortgage, you would eliminate your largest monthly bill and protect that money from creditors—you gotta chase that yield![/quote]
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