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merlin | Should I pay it off? |
I have a mortgage left of 60k which I pay 6.125% . should I pay it off if I could. If I do ,I won't have much to fall back on if I need an emergency fund.My wife is barely working so I am very concerned about our financial future.
what would you do? |
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MK
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How much could you make off of the money if invested properly? That would be my criteria but if you are worried then do what makes you comfortable not any of us. |
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mcmoehring@sbcglobal.net
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As long as your deductible items, mortgage interest, property tax, state and local tax, etc., keep you well above the standard deduction...no don't pay it off. Once you get down to that, there is not tax advantage.
Also, you have the leverage. You house is worth $150K, you own $100K, owe $50K. If the house appreciates $10K you earned 10%, if you owned it outright, your gain would be 6.6%.
I assume you have your money in a mutual fund, taking it out now would be a mistake. But outting it in now, is better. |
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Paula M
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What is your mortgage payment?.....would paying off the mortgage free up a substantial portion of your income each and every month.....if so, you could probably build up an emergency fund with that same mortgage payment super fast....
I'd hate to see you hit hard times and lose your house NOW when you only had 60K left on it.....
give yourself peace of mind and real security - pay it off as fast as you can. |
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Classy Granny
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My way of thinking may be all wrong, but I feel that the sooner you own your home free and clear the better. |
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leonardhomes@sbcglobal.net
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The way things are going today I would keep the nest egg. Till things turn around |
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Tres7
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If you need your interest deduction on you taxes it may not be a good idea, but other than that you probably can't make as much in interest on your savings as you are paying in interest. One other option you would have is to refinance your home and extend the term of the loan out so that your monthly payment is less of a stress and you still have your savings. Rates have fallen and this may be a more secure feeling. Good Luck to you with your choices. |
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tampabaycreditdoctor
 |
I would not do it. The value of your home is not determined by whether or not you owe anything on it. That being said, if you are in a market where prices are declining, why would you further throw cash away on a asset that is sinking.
Once you give your money to a lender or anyone else for that matter, how easy is it to give it back. Knowing that outside forces beyond my control determine the value of my home, I'm not parting with that kind of cash. |
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Deborah
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Paying off your mortgage may not be a good idea, not only will you have concerns about emergency funds (you could always tap a HELO, Home Equity Loan) but you wont have the interest deduction on your taxes. Something to think about. |
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Bette
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Whatever you do, keep your emergency fund at all times. If you have extra money to pay against the mortgage principal and want to do that, then that's a good idea. Just don't use your emergency money. You need at least 6 months of living expenses in an emergency fund. |
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donald e
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several things come to mind,
1. do u need the tax write off of the interest approximately 3700 a year if u itemize?
2. if u have 60k in the bank that gets u 3000 a year in interest income at 5% do u need this money to live on?
3. what is your monthly nut (debt) that u must pay and how long can u coast if neither of u are working with the 60K and the interest it produces on a declining basis as u withdraw it for monthly expenses
4. how is your credit and how will it be in the future if u use up your nest egg to pay off the mortgage, will u be able to refi and get the equity out of the property if u need it,
5. although 6.125 is a little high right now for good credit what interest rate will u get if u have to refi
IF IT WAS ME I WOULD HANG ON TO MY 60 K AND MAKE THE BANK WAIT, IF WORST COMES TO WORST YOU CAN ALWAYS TAKE UR 60 K AND MOVE ON DOWN THE ROAD SINK IT INTO THE HOUSE AND SOMEDAY U MAY KISS IT ALL GOOD BY AS PROPERTY TAXES KEEP GOING ON, ACCIDENTS, DEATH, LOSS OF JOB, ILLNESS, ETC DO HAPPEN.
DONT SPEND EVERY DIME U NEED AN EMERGENCY FUND, AND IT SOUNDS LIKE U HAVE ONE THAT WOULD CARRY U FOR A LONG PERIOD OF TIME IF NEED BE. |
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