I sold some rentals last year and have enough to pay off the duplex I live in. I would make 600 a month with the rent. That would cover almost all of my bills for that month. this is the only debt I have left to pay off. Is there a tax benefit to paying on a mortgage? any thoughts???
Tough call. Would you make in the investments than you you'd save in interest? Best question of all is, could you survive if your investments were 100% wiped out? My gut is you should pay off the house but my penis says you should blow it all Sheen style on hookers and blow.
You need a good financial advisor. Tell him what your options are as you see them and ask him for advice and to help do the numbers. If he is any good, he will know and understand the tax ramifications of every possibility. If he starts trying to sell you on a particular investment, like "you need to buy XXX stock, " run like the wind. If he asks you all kinds of questions about who you are, how you earn and spend money, and what your goals are, then keep him.
pay that shit off. Its crazy when you look at the details of say a 30 yr fixed rate mortgage on like a 220,000 loan for example. you end up paying like $750,000 total with interest over the course.
yes, there is (you can deduct the mortgage interest). does it make sense to keep paying the mortgage vs paying it off? depends on whether you "need" the deduction or not. as others have said, talk to a (good) financial advisor.
depends on several factors, such as the interest rate on the mortgage, how far into it you are, your tax rate, expected rate of return on investment, etc.
I was just at the bank yesterday, we have 2 more payments and the house is OURS!!! The burden will be lifted, and I still won't be allowed to spend $$$$ on my toys....
If the duplex isnt upside down on the value i would pay it off. If you paid lets say 200k for it and now its only worth 150k it wouldnt make sense to pay it off at this moment until the mortgage goes back up in value.
Interesting to see all the calls for paying it off here. I brought up this same subject about 6 or 7 years ago (well before the markets crashed) on another forum and the response was overwhelmingly INVEST. I didn't listen, and instead paid off the house. Best. Decision. Ever.
I'm so looking forward to the day I am mortgage free. Theres nothing like being in control of your own finances and the flexibility and peace of mind not having that burden hanging over you is awesome. Pay it off! Cheers, Lee S.