Home loan

Cisco
Osbd72

Go to company page Cisco

Osbd72
Aug 8, 2021 25 Comments

Which is the better option?
Finishing the Home loan early before the targeted time or keep paying constant amount to get tax benefit for Mortgage
#mortgage #housing

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TOP 25 Comments
  • Okta
    cribcw

    Go to company page Okta

    cribcw
    Mentally, finish it. Also opens up stuff to do with money.
    Aug 8, 2021 15
    • If you are staying in a job to pay down a mortgage you're doing it wrong especially in the current market.

      I have multiple mortgages and millions in debt and yes I can dip out to nz wherever due to all my mortgages and refinancing and making more money from the money from assets. My assets (including my primary home) makes me money regardless of whether I work or not: the other kind of FIRE.

      Stop reading rich dad poor dad and listening to dave ramsey and learn real finance.
      Aug 9, 2021
    • Okta
      cribcw

      Go to company page Okta

      cribcw
      Again, you all seem to think I want to owe a bank. I don’t.

      Fuck banks.

      Do none of you remember 2008? Credit default swaps? CDOs?
      Aug 9, 2021
  • Verily
    Ol'English

    Go to company page Verily

    Ol'English
    Depends what your interest rate is. If it's <3% that's cheap money and there's better things you could be doing.
    Aug 8, 2021 3
  • Amazon
    m2c

    Go to company page Amazon

    m2c
    Depends on what the money would otherwise go towards. If the choice is pay 1k extra towards the mortgage or take a weekend trip once a month, then the mortgage makes more sense (although one or two weekend trips is reasonable)

    If the 1k a month is going into an investment vehicle that will likely yield 6+% a year over two decades AND that is more than the interest on your home loan (I hope so) then the investment makes sense.

    Just plug in the numbers accounting for the tax credit and figure out how much you would need your annualized return rate to be to break even and then decide if you’re willing to tolerate the risk to best it
    Aug 8, 2021 1
  • Can you get more than 3% on your money over a long period of time? If so do that. If you cannot pay off your mortgage
    Aug 8, 2021 0
  • Keller Williams / Sales
    EastBayRLT

    Go to company page Keller Williams Sales

    EastBayRLT
    Depending on whether you can save on your own or not. What does the rest of your portfolio look like? If you can make more than 3% elsewhere then it makes sense to never pay off your house.
    Aug 10, 2021 0