“If you were to take that $100 per month and put it into an investment that had a more comparable level of risk and volatility such as a a CD, the interest earned on that CD would likely be much less than you would pay in mortgage interest.”
completely agree, and that is BEFORE taxes on said interest.. only possible area of interest to me would be inflation so great that it inflated one’s wages far beyond whatever future earnings value you expected compared to mtg payments, but even given a gross devaluation of the dollar, hard to see wages inflating that fast.
“only possible area of interest to me would be inflation so great that it inflated one’s wages far beyond whatever future earnings value you expected compared to mtg payments, but even given a gross devaluation of the dollar, hard to see wages inflating that fast.”
I sorta doubt that the late 70’s will repeat. Our grandparents and great-grandparents were correct in their skepticism towards debt.
ping
If you have prepaid, the bank / mortgage holder may be more likely to work with you.
I got my house paid off the same month as I was laid off (after 10 years and no notice) - made a big difference the ‘after’ part.
I look at it as the house is now paying me $1K a month in rent avoidance.....in other words I can afford to take a job that pays less (and offers more satisfaction) without the monthly rent payment hanging overhead.