Comments on: Should I Pay Off My Mortgage Early?

By: Mike

Mike — Wed, 22 Sep 2010 03:38:24 +0000

Go as long as you can on your mortgage. 30-year fixed rate is king. The time value of money tells us that a dollar today is worth much more than a dollar 20 years from now. You are better off starting saving and investing early instead of prepaying your mortgage. I’m doing a series on home ownership and mortgages which address this topic in detail.
http://wp.me/pZTwu-4Q

By: Downshifting: Quit Dreaming and Start Planning

Downshifting: Quit Dreaming and Start Planning — Tue, 20 Apr 2010 09:02:52 +0000

[...] I can seriously consider stepping away from paid, full-time employment, I need to pay off my mortgage. With no credit cards, car loans or mortgage payment, our income requirements would be relatively [...]

By: Ca$h Money Out

Ca$h Money Out — Mon, 01 Mar 2010 02:22:02 +0000

Pay off the mortgage. The tax deduction is bunk and it is like spending a dollar to save a quarter. Once the mortgage is paid off, saving for retirement is easy. Max retirement and pay off the mortgage at the same time if you can. Never buy a house just for the mortgage deduction.

By: No Debt Guy

No Debt Guy — Mon, 14 Sep 2009 02:17:41 +0000

We are fortunate enough to not have any other debt besides our mortgage. We are aggressively paying down the mortgage and should be able to retire $316K in 5 years.

Then I will have the flexibility to do the work I want to do, rather than working just for the money.

By: Jazz

Jazz — Wed, 12 Aug 2009 18:24:28 +0000

Is there any criteria or terms that should be negotiated with the lender to payoff the mortgage? (ie. escrow funds, cash back, etc).

What type of questions do you ask them to get the best return on your mortgage payoff??

By: Paying Off Mortgage With Inheritance | Frugal Dad

Paying Off Mortgage With Inheritance | Frugal Dad — Tue, 28 Jul 2009 10:01:30 +0000

[...] second mortgage you’ll increase the likelihood that you will get some equity out of the sale. Paying off mortgage debt also gives you more wiggle room when setting the sale price of your home. If the house was [...]

By: * Dave Ramsey’s Baby Steps Explained

* Dave Ramsey’s Baby Steps Explained — Thu, 30 Apr 2009 18:26:27 +0000

[...] option in this economy.Here are a few articles that discuss Baby Step 6 Baby Step 6 at Dave RamseyPay Off Mortgage Early? at Frugal DadYou should NOT pay off your mortgage early at How to Make 7 Million in 7 Years™How [...]

By: Saving For Retirement | Frugal Dad

Saving For Retirement | Frugal Dad — Wed, 29 Apr 2009 02:47:53 +0000

[...] income would require a $2 million nest egg. But Dan is a frugal guy, and he and his wife plan to pay off the mortgage early – in their early 40’s. They buy older, used cars and trucks with cash, and have managed to [...]

By: Pay Off Mortgage Early? | Frugal Dad | Personal Finance and Me

Pay Off Mortgage Early? | Frugal Dad | Personal Finance and Me — Thu, 23 Apr 2009 19:10:05 +0000

[...] See the original post: Pay Off Mortgage Early? | Frugal Dad [...]

By: devil

devil — Fri, 17 Apr 2009 01:40:54 +0000

We paid off our mortgage last month. It was SO great not having to mail in that payment on April first. None of our other bills are due on the first of the month, so I can be leisurely about paying bills now.

We were already investing in retirement and had no other debt, so we’re just going to hoard the cash for awhile till we have a full year of living expenses saved. In this economy, we feel we should be prepared for anything (or try to be).

We had always said we’d reward ourselves with something really big (like a BIG vacation or a spiffy new car) when the mortgage was finally gone. But just having it gone was enough. It’s not like we didn’t do any living while we made payments, we’ve just never been extravagant. Life is made up of so much more than what we can spend money on.