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Irishlass
LIF Adult
Member since 5/05 2961 total posts
Name:
Lisa
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Paying of mortage?
DH and I have a small mortgage on our house. We have $$ to pay it off right now with no penalty. Would you pay it off or refi? We are prob going to be in this house for another 3 - 4 years. What would you do?
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Posted 5/29/09 3:46 PM  |
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steph4777
**************
Member since 5/05 11726 total posts
Name:
Stephanie
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Re: Paying of mortage?
Pay it off
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| Posted 5/29/09 4:27 PM |
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kimNanthony
LIF Infant
Member since 3/09 301 total posts
Name:
Kim
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Re: Paying of mortage?
Definitely pay it off if there is no prepayment penalty.
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| Posted 5/29/09 4:44 PM |
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julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
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Re: Paying of mortage?
pay it off
or
pay most of it off but still get tax write off.
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| Posted 5/29/09 4:52 PM |
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itkocak
Member since 7/07 7639 total posts
Name:
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Re: Paying of mortage?
Message edited 11/29/2011 8:04:22 PM.
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| Posted 5/29/09 4:58 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Paying of mortage?
Depends on the interest rate and if you get more where you have your money which I doubt. Also calculate the interest you would pay for the next 3-4 years over what kind of deductions keeping the mortgage would give you at tax time. If you aren't getting much in deductions I would just pay it off. If paying it off still leaves you with a good cushion then it's another reason to do it.
Mostly it's a good idea to pay off the mortgage if you can.
I wish I could do that.
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| Posted 5/29/09 5:09 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Paying of mortage?
only pay it off if you have something else to claim on taxes, otherwise, i would never do it.. not until i am old and gray...
it's an annoying bill, but come tax time, i LOVE it.
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| Posted 5/29/09 5:47 PM |
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MrsGmomof3
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Member since 6/08 3290 total posts
Name:
Irrelevant
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Re: Paying of mortage?
Personally, I would not pay it off for tax purposes. You can write off the interest that you pay on your mortgage.
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| Posted 5/29/09 7:01 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Paying of mortage?
Posted by rkoenke
only pay it off if you have something else to claim on taxes, otherwise, i would never do it.. not until i am old and gray...
it's an annoying bill, but come tax time, i LOVE it.
yeh but if you calculate the interest you are paying every year compared to the $$$ you get for writing off the interest on your mortgage it may not be worth it. I think this is a big myth.
IMO, I would pay it off.
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| Posted 5/29/09 7:14 PM |
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Lucky09
2017!
Member since 1/06 7539 total posts
Name:
DW
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Re: Paying of mortage?
Posted by jellybean1420
Posted by rkoenke
only pay it off if you have something else to claim on taxes, otherwise, i would never do it.. not until i am old and gray...
it's an annoying bill, but come tax time, i LOVE it.
yeh but if you calculate the interest you are paying every year compared to the $$$ you get for writing off the interest on your mortgage it may not be worth it. I think this is a big myth.
IMO, I would pay it off.
Exactly...
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| Posted 5/30/09 3:44 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Paying of mortage?
i am not sure but what happens if you have already paid your interest (since you pay for interest first on a mortgage) and your now paying your principal does it pay to pay off the mortgage then?
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| Posted 5/30/09 4:59 PM |
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lovemy2boys
LIF Adult
Member since 10/07 3915 total posts
Name:
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Re: Paying of mortage?
Posted by jellybean1420
Posted by rkoenke
only pay it off if you have something else to claim on taxes, otherwise, i would never do it.. not until i am old and gray...
it's an annoying bill, but come tax time, i LOVE it.
yeh but if you calculate the interest you are paying every year compared to the $$$ you get for writing off the interest on your mortgage it may not be worth it. I think this is a big myth.
IMO, I would pay it off.
yeah this makes no sense save your money and
Pay it off  congrats
Message edited 5/30/2009 9:13:52 PM.
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| Posted 5/30/09 9:13 PM |
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