There are financial planners who can make a case not to pay off the mortgage because it is ‘cheap money’; personally I don’t agree with them.
All one has to do is a little math.
Take your mortgage payment and multiply by 12 and write that number down on a piece of paper.
Now, go get your tax return from last year and re-do it without figuring the mortgage interest deduction.
Which number is bigger?
Do that.
There are financial planners who can make a case not to pay off the mortgage because it is cheap money; personally I dont agree with them.
The cheapest living is in a house you own free and clear.
I moved from a house I lived in for 35 years to a house that I helped build for my parents in 1975.
I don’t plan to stop living in it until I could no longer can hopefully die in my sleep in it.
Of course it is a really nice piece of rural property land water and trees good hunting fishing and survival potential.
What’s not to like.
There are financial planners who can make a case not to pay off the mortgage because it is cheap money;
“case not to pay off the mortgage because it is cheap money; personally I dont agree with them”
If you earn more in investment more than you pay in interest, it makes sense to keep your money in the investments. It is as simple as that.
Slippery slope but some times you have to. We rolled our expensive debt into the mortgage. Had no choice really. But a bad practice to get into.