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Yamster Berry's Buddy | If I have an extra 15500 a year, should I invest in 401 (k) or pay it toward my house? |
Should my extra money go toward 401 (k) or paying my house off early? I have a 15 year loan on my house.
In 8 years, I could own my whole house but have no retirement, or I could have 8 years of equity in my house and 8 years of retirement.
If my 401 (k) investment can yield 11% return during that time and my house loan is 6.15%, does that help my decision one way or the other?
I know I am not taking into consideration front loaded interest, tax breaks for home-loan interest, and pre-tax benefits of 401 (k) contributions.
Any help? |
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Goodbye
 |
I would say, split the money between both.
Send half to your 401k and put half towards your house. That way you'll pay your house off in 10-11 years, and have put a healthy amount into your 401k |
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Michael K
 |
Despite what the market is doing right now, in general professionals will advise you to max out your 401(K) before thinking about paying off your mortgage (especially is there is a matching fund from your employer).
If you are relatively young, it is better to risk the market than to spend the money paying off a very reasonable mortgage rate.
Also remember that the interest payment for your mortgage is tax deductible. |
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ticklemeblue
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I would put $3000 in a Roth IRA (you can put up to that amount yearly in, you pay taxes on it now, but for the rest of your life no matter what you do with that money, it will never be taxed again, such as using it to invest in realestate, inquire about it) I would make sure you have an emergency fund in place and the rest I would appy to your home. Good luck. |
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Greg S
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If your 401k can yeild you 11% in this market you are doing very well. The average yield for employees at my company for last year was 5.6%. A 401k is through your work from payroll deduction, I believe you are thinking about an IRA. If that is the case the max contribution for a Roth IRA is $4,000 (or at least it was the last time I checked).
So..........
What you could do is invest the max in a Roth IRA $4,000 and pay the remaining balance of $11,500 towards your house. It would then take you about 11 years to pay off your house, but you would also have a $44,000 IRA waiting for you (plus compounded interest) |
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stan c
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Get an amortization from your mortgage co so you'll know the exact break down is between the principle/interest. On the first 7.5 years, you pay about 70% in interest. The rest you can put in Cd's or high yield money market. Do not play the stock market. |
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redstake69
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well if you dont have a prepay penalty i would use some toward your house but the way the market is and not expecting to get any better your money is better of in a 401 k or a roth ira |
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bdancer222
 |
Max out your 401k contribution.
You can still pay off your house faster by adding as little as $10 a month extra principal payment. |
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seizod
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I am no financial planner but If your employer matches your 401K up to a certain percentage I would invest in that to get the maximum out of your employer (if not already) and do the rest toward your mortgage. |
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bowens
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The short answer is to invest it. You will also need to consider whether you can afford your mortgage once you hit retirement. If you won't be able to afford your mortgage once your retire, you may want to split the $15,500 between investing and mortgage. When you retire, you can refinance your home to another 15 year loan to reduce your payments. However, if you have to do this, you might as well just move and invest all $15,500 annually. I only suggest this because I know there are sometimes reasons why you don't want to move. By the way, your 11% return assumption is too optimistic. |
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Kristy - Kaitlyn's mommy
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I am not in finance so I don't know what you should do, but I am in a similar situation. If I have extra money at the end of the year, I put some money in my 401K and some toward extra mortgage payments.
I am very interested in hearing what everyone says! |
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johndeere2510
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split it. half and half.
Once your house is paid, you will be able to contribute & save more in the future.
If you would happen to lose your job, having the house paid off will help you more than having a fat 401K. |
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bbaffs
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Start by maxing out your 401K, especially if your employer matches your funds.
Then pay off any higher interest debt like credit cards.
Then, if I were you, I would put whatever's left over into a savings acct earning higher interest. Check with www.Bankrate.com for the best. Divide your monthly mortgage payment by 12 and add that amount onto your mortgage every month as a principal only payment.
You're still paying your mortgage down, but you have that money available to you in a savings acct earning interest in case of emergency. |
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bigmikeumpire
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Pay off the house earlier!!! It is more than likely the largest payment you currently have.....also get rid of any car loan, pay those off if you can........take the money you save from a house payment and put it in a 401 K or a money market for the highest rate.....pay off the house first!!!!! |
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