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jojo | ? for finance wiz. which is better pay off house or invest? |
I have a home loan 180,000 at 5.25% for 30 years. I could pay off the loan by the time i'm 57 if I pay 500 extra a month. i could then retire at that age.
or should I invest it in CD's because the money is more liquid.
Is there a better option to invest if i could invest $500 month.
I am really confused what do you think? |
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Blunt Honesty
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Paying off your loan allows you to save thousands in interest. After you finish paying off the house, you could conceivably have more money to invest at that time. But no matter what, see an accountant before you make any decisions. |
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HH@20
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If I assume you are in the 30% tax bracket the cost of the mortgage is 3.5%. Investments in a diversified selection of mutual funds should, over th life of the loan, exceed that return. I suggest you select low cost, true no-load funds from groups as diversified as US and Foreign, Large, small and Mid cap, real estate, and natural resources. Then invest |
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Belarus94
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If you have an ability to pay more for mortgage, I would do that. Better yet, I would buy another property, someplace not expensive and rent it out. By doing so you will get yourself another house by the time you retire and you do not have to pay for it. People who rent it will pay it for you! What can be better. Investing $500 into CD will not give you as much money as your own house or anything else. Interest rate is always changing and you never know what will happened in 5-10 years.
I am trying to payoff my mortgage as soon as I can and also trying to find inexpensive house or condo in Arizona or other state (I live in CA) so I can spend not whole a lot of money for down payment and have another property. Real estate is the best investment of all. See what you can do. Good luck! |
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katzchen75
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I would split the money - prepay your mortgage $250 per month, and invest $250 per month. The investment money is for long-term? What about picking a good old mutual fund? I would stay away from CDs, you can get a better rate of return with some equities instead. |
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dcnblues
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OK. Until you pay off the loan, you're paying the bank extra dough. And, less debt on a loan = more equity... which if you fall on hard times CAN be used for a second mortgage... IF you need it. Plus once you own the property free and clear, you don't have to worry about the bank cutting in on your heirs if you were to pass away.
Investing is more 'liquid' but also a LOT more unpredictable. Real estate is pretty solid, it doesn't go up in value that fast but it's something people recognize as 'useful'. Stocks come and go like the tide, and all it takes is a new innovation or a bad business decision or a corporate 'raider' setting up the dominoes to wipe out your life savings in a bad investment.
Definitely talk toa bona fide financial advisor - we are but laymen! |
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Elizabeth O
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First off do you have any form of retierment plan set up like a 401k? if not you need to ceriously invest in one, plus your employer will match up to a certian percent of what you put in. the sooner you invest in your retierment the better off you will be. also look into annuities they are a safe form of investments and have a better return then a CD does. IRAs are also good. there are 2 types a traditional IRA which I recomend and a Roth IRA. a traditional IRA you can write off as a tax right off every year that you put money into it and you get tax credits, but then you are taxed when you go to withdraw the money but only on the interest earned. a Roth IRA is pre-taxed, its paid for with pre-taxed dollars and you dont get to write it off on your taxes for the year, but you dont get taxed on it when you withdraw the money. both IRA accounts you are allowed to put a max of $4000 a year into however, if you are offered a 401k plan that is a much better way to go then an IRA unless you want to do both. most banks now days have financial planners which are typically free to meet with and talk to about investing in your retierment and what not, there are so many options for investments out there it is unreal. so I would sugest talking to a profecional. as far as your house i would pay a bit extra each month and pay down your principal, on mortgages banks compond the interest daily thus if you were to take it out to term is when they make the most money off of your loan thats why alot of people finance all the time. so paying it off early would be a good idea as well. If I were you and had and extra $500 to put somewhere each month I would yes pay down my mortgage and extra $250 each month and then invest the other $250 into a retierment account. |
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brunt
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Depends on you.
I would personally pay off the mortgage as quickly as possible. You would be getting a **GUARANTEED** 5.25% return on your money. Not only that, but the piece of mind that comes with having less debt. |
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insuranceguytx
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I think you should talk to a financial professional.
On this message board, you will receive a lot of replies none of which is geared to your specific situation.
Look into your crystal ball and tell me the future. Will the investments that you make do better than 5.25% (plus taxes)? Will your house appreciate in value over the next 30 years? By how much? How about your other investments (401k IRA etc)? How about the investment in you? Will your earnings always increase? Are you guaranteed of always having a job? Are you guaranteed of always having good health? How are taxes going to change over the next 30 years?
Are you really confused now?
That is why if is worthwhile to talk to a financial professional.
Delegate. |
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CW
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I'm no wiz, but I believe a house is an investment. |
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stockpicker2010
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Wow! All this talk...
It is simple. If you can make over 5.25% in the stock market, then do that. 5.25% is relatively cheap money and if you can make 12% on it, then you are actually netting over 6% by investing.
Thing is...are you sure you can make over 5.25% investing? Ah, there's the rub...
Best of luck to you! |
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SuzeY
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Well, some of this depends on your tax situation. Can you itemize your deductions? If so, keeping the mortgage might be the better bet, at least for now. With your 5.25% interest rate, let's say you're in a 25% tax bracket. That means that you're actually paying 3.94% interest with the tax break (5.25% - 25%). Since even EmigrantDirect.com is paying 5.15%, I think the extra money would be better placed in a tax deferred investment like a Roth IRA. If you're married, you and your spouse could invest up to $4,000 each in a Roth. My thinking is that you'd be better off investing the money than paying down your mortgage.
(By the way, when I tried explaining this to my better half years ago, he didn't buy what I was selling and we ended up paying off the house early because he just didn't like the idea of owing that much money. If that helps him sleep at night (or you), then paying off the mortgage is a good idea.) |
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sarge927
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Paying off the loan will shorten the amount of time you pay on it, but you won't pay less interest -- they figure out the principal and interest over the term of the entire loan UP-FRONT, so the bank WILL get their money. One of the best investments going right now is a Roth IRA because you put money in and you only pay tax on the interest, NOT the money you invested. You can invest up to $4,000.00 a year in a Roth IRA now, and that amount is going to go up to $5,000.00 a year in 2008. One warning though: BIG penalties for early withdrawal, so if you invest in a Roth IRA you need to leave that money alone. If you think you might need something a little more liquid you could do CDs or T-Bills. |
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