Personal Finance and Investing

Ocelot II

(121,633 posts)

54. I paid mine off, it was a better move for me regardless of the tax situation.

Reply to snowybirdie (Reply #51)

Wed Jan 1, 2025, 10:30 AM

Wednesday

I was able to retire without any debt, which was a big deal.

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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 Wednesday #51

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

Are you familiar with the Turbineguy Dec 27 #3

I did, once, about 30 years ago. OAITW r.2.0 Saturday #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 Saturday #9

Hmm... 2naSalit Saturday #10

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

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

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

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

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

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

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

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

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

Pay off the mortgage. greatauntoftriplets Saturday #11

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

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

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

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

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

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

Debt free is great state of mind. rubbersole Saturday #19

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

I paid mine off earlier this year. woven Saturday #22

Welcome aboard! OAITW r.2.0 Saturday #27

No advice, just analysis here HariSeldon Saturday #26

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

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

Pay off the mortgage FirefighterJo Saturday #30

This is good advice Renew Deal Saturday #32

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

I never regretted paying off my mortgage early. viva la Saturday #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 Saturday #33

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

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

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

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

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

Different times ----- different neighbors. 3Hotdogs Tuesday #47

Continuing. 3Hotdogs Tuesday #48

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

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

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

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

Invest a small portion into Quantam computing and Beachnutt Saturday #35

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

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

How do you feel about buying dead horses? lastlib Monday #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 Tuesday #44

I've been interested in this thread wryter2000 Wednesday #53

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

Sounds like a good plan. multigraincracker Wednesday #58

Consider what they economic opportunity cost is LogDog75 Wednesday #61

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

Pay off the mortgage. ificandream Wednesday #57

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

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

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

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