Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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^ this plus I sleep alot better with access to 300k cash and 300k debt vs 0 cash and 0 debt especially when my cash is earning more at 5.5% tbill rate vs debt less than that rate
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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16 Replies
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Nevermind. You do you everybody. I'll be over here in my house.
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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And my point it is IMHO, YMMV, owning is better.
For most people, you must pay someone something for shelter. BUT rent, taxes, mortgage are all different. For most people, owning is BETTER.
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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I think their point is if you don't pay your mortgage they can foreclose.
If you don't pay your property taxes they can foreclose.
So you constantly have to pay somebody to live in your home or...
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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:rolleyes:
Really? You are mistaken. Own means OWN.
Even if I owe taxes, it does not impinge on my ownership, I still OWN the property, I am just assessed taxes on it. If/When I am in default for...
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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You really never own a home outright as you still have to pay property taxes for life. :lmao:
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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16 Replies
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One thing to consider is whether you have any other high-interest debts that you could pay off first. Another factor to consider is your emergency fund - make sure you have enough saved up in case of...
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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Except that that 5% is taxed by the feds and depending on where you live and\or whether you go with T-bills (also paying about 5%), could be subject to state and local taxes. So that 2k in your...
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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Another vote for pay it off. It is hard to beat the satisfaction of owning your home outright.
So, pay it off, BUT don't stop paying the "mortgage". Put the $$ you would have paid to the mortgage...
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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Pay it off and the money you be saving yearly. There's nothing like living comfy
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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16 Replies
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Rule of thumb, put your $$ to the highest rate. That makes the most sense in the long term, but doesn't account for liquidity.
So, what's the rate on your mortgage? Considering "safe"...
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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Laddered T-bills to pay the mortgage interest. Don't have zero out all that cash, but you remove the interest rate expense, or end up generating more than the interest expense.
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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A lot depends on your age and the state that you live in as well as your overall financial health and your age.
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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What if you have over $3 million, would you pay off your mortgage?
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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So the numbers you have provided are not the ones we need to offer usable advice.
So you have a 300K home loan how far into the loan are you and what was the original loan amount?
Where is the...
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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I always laugh whenever I see people spewing garbage about how you make more money in the market, so never pay off debt unless it has high rates...then the market has a setback where people lose a...
Payoff vs tax benefit - mortgage
Thread created 02-03-2023 by saudagar
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Hello,
I am thinking of paying off my home loan of around 300K. In past few years i have never recd any tax benefit out of my mortgage interest payment at 3-5%
I am not one of folks who can put...
