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Started By
Message
re: Should I Payoff Mortgages?
Posted on 2/7/23 at 9:29 am to Screaming Viking
Posted on 2/7/23 at 9:29 am to Screaming Viking
Dave Ramsey loyalists would say to pay off the smaller balance even though it is only a 2.75% rate. It’s idiotic to do so instead of paying the higher rate loan. It is independent of risk appetite.
0
Posted on 2/7/23 at 9:39 am to rlp
quote:
funds I’ve been using to make the payments, about $4k/mo
Humble flex on the good salary there, baw
Posted on 2/7/23 at 10:15 am to Screaming Viking
quote:
No one thinks they will become unemployed....until they are.
When a person is unemployed they need money, having paid off debt is nice, but money is what you need.
Posted on 2/7/23 at 12:18 pm to cable
quote:
No such thing - my house has been paid off for a year and I still pya $600 a month
^^^^
THIS...
I still pay $600/mo for Taxes & Insurance.
Still better than the additional $1300/mo I was paying for principal & interest.
Posted on 2/7/23 at 4:07 pm to newmexicotiger
quote:
I still pay $600/mo for Taxes & Insurance.
Still better than the additional $1300/mo I was paying for principal & interest.
Relative.
My situation, have about $28k and 3 yrs left.
I pay $2300 in insurance (not including flood). If not for wind/hail, it would be about $600 plus flood insurance.
When I pay my house off, I'm dropping wind/hail and keeping flood and hazard/fire. Reason is, I have savings, am not in danger of a major/total loss due to hurricane force wind damages, and will accept a miniscule risk of tornado/hail damage. Again, self insuring with savings as I'm probably never looking at a total loss. I get the naysayers but it's a risk I'm willing to accept.
That being said, I look forward to the day of paying it off and may one day soon just bite the bullet and do so in order to take this insurance money (plus the P&I) and invest it instead.
This post was edited on 2/8/23 at 2:42 am
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