Re: Looking for opinions on paying down mortgage - Saab General Bulletin Board - Saabnet.com


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Re: Looking for opinions on paying down mortgage
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Posted by DaveofFairfax [Email] (#2237) [Profile/Gallery] (more from DaveofFairfax) on Thu, 11 Feb 2021 14:27:20 Share Post by Email
In Reply to: Looking for opinions on paying down mortgage, Sam, Tue, 2 Feb 2021 08:42:41
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Late to the party, but my $0.02. At current interest rates, I would go for the long (30 year - would do longer of I could)) mortgage. Many excellent points have been made re: expectations of future inflation and "comfort" in not having a mortgage in retirement; however, for me it boils down to: Do you want to be rich or do you want to be "happy"? (And yes you can be both.) "Rich" is paying your mortgage on time and investing until it hurts - at some point, you will have sufficient investments balances to pay your remaining balance outright. "Happy" is the comfort in knowing you own your home by paying down your mortgage ASAP (the Dave Ramsey way) and deferring investments until such time as mortgage is paid off. It's all about your expectation of the time value of YOUR money. For me, a big, long mortgage (in the booming DC area) has been the ticket to my financial health. That said, at some point I do envision paying off my mortgage. That'll be when paying off the mortgage makes more sense that having the cash in the bank.

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