Personal Finance and Investing

OAITW r.2.0

(30,805 posts)

9. I have 2 CD's that would about cover it. About 6 months from maturity.

Reply to 2naSalit (Reply #4)

Sat Dec 28, 2024, 01:16 AM

Dec 2024

But I lose tax benefits w/o a mortgage...so I'll be checking this out now.

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diane in sf

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I'm wondering...would it be better paying off my mortgage (80K) or keep the money in market investments? [View all] OAITW r.2.0 Dec 2024 OP

I'd pay off the mortgage. If the economy goes to shit at least you'll own your house Ocelot II Dec 2024 #1

That's what I am thinking too. And who knows how they will screw with SS. OAITW r.2.0 Dec 2024 #2

There might be snowybirdie Jan 2025 #51

I paid mine off, it was a better move for me regardless of the tax situation. Ocelot II Jan 2025 #54

Are you familiar with the Turbineguy Dec 2024 #3

I did, once, about 30 years ago. OAITW r.2.0 Dec 2024 #6

If you've got it... 2naSalit Dec 2024 #4

I have 2 CD's that would about cover it. About 6 months from maturity. OAITW r.2.0 Dec 2024 #9

Hmm... 2naSalit Dec 2024 #10

Only if you itemize your deductions. Many do not since they changed the law question everything Dec 2024 #14

I thought that didn't matter now with the higher personal deduction, especially on 80k Shellback Squid Dec 2024 #16

It comes down to the total annual interest cost plus annual property taxes IbogaProject Dec 2024 #17

You get a tax deduction on the mortgage interest Felicita Dec 2024 #21

Good advice, thanks. Maybe paying down chunks. over time, is the better way to go. OAITW r.2.0 Dec 2024 #23

Prepaying some of the principal each month is a good option. TheRickles Jan 2025 #52

The fed has signaled that inflation and interest rates are going up, IIRC. usonian Dec 2024 #5

you'll give up $80K and lose a tax deduction. whats the interest rates for mortgage vs possible msongs Dec 2024 #7

How much interest is in your payments? Renew Deal Dec 2024 #8

Pay off the mortgage. greatauntoftriplets Dec 2024 #11

What's the interest rate on the mortgage and how old is it? PSPS Dec 2024 #12

I paid mine off, with $500 to spare in my account. alfredo Dec 2024 #13

Well, I can tell you, 1st hand, LL Bean's sells quality product. OAITW r.2.0 Dec 2024 #24

your current interest rate on the mortgage? Shellback Squid Dec 2024 #15

I think it's 3.5% OAITW r.2.0 Dec 2024 #18

CDs and short-term treasury bills/other bonds are currently over 4 percent carpetbagger Dec 2024 #20

Debt free is great state of mind. rubbersole Dec 2024 #19

I'm leaning that way, too. OAITW r.2.0 Dec 2024 #25

I paid mine off earlier this year. woven Dec 2024 #22

Welcome aboard! OAITW r.2.0 Dec 2024 #27

No advice, just analysis here HariSeldon Dec 2024 #26

Something to consider. Thanks for posting. OAITW r.2.0 Dec 2024 #28

We were in the same situation 25 years ago - Paid off the mortgage GoneOffShore Dec 2024 #29

Pay off the mortgage FirefighterJo Dec 2024 #30

This is good advice Renew Deal Dec 2024 #32

I have an Acorns account. Something I am trying to get my kids and neices and nephews to use, OAITW r.2.0 Dec 2024 #38

I never regretted paying off my mortgage early. viva la Dec 2024 #31

2008 - and the Maidoff led market collapse. I sat down with my wife. "Lets pay it off now because we don't know 3Hotdogs Dec 2024 #33

I'm kinda where you are, but without the wife. OAITW r.2.0 Dec 2024 #39

50 acres. Where is that? The only acre I got is from a bad tooth. 3Hotdogs Dec 2024 #40

Central Maine. Right smack in the middle of nowhere. OAITW r.2.0 Dec 2024 #41

NIce. I had friends who had several acres in Stetson, Me., outside of Bangor. They bought a couple of acres, around '72, 3Hotdogs Dec 2024 #45

Never had an experience like that. I was on the Planning Board in my town in the 90;s. OAITW r.2.0 Dec 2024 #46

Different times ----- different neighbors. 3Hotdogs Dec 2024 #47

Continuing. 3Hotdogs Dec 2024 #48

Had a very deep temperature drop 2 years ago. Really cold, then -50F below overnigjt, then really cold again. OAITW r.2.0 Dec 2024 #49

How old are you? And are the investments mostly MontanaFarmer Dec 2024 #34

I'm encroaching on 72. OAITW r.2.0 Dec 2024 #42

That's tempting to get out of the MontanaFarmer Jan 2025 #50

Invest a small portion into Quantam computing and Beachnutt Dec 2024 #35

I did it shortly before retiring - smartest thing I could have done under the circumstances. Ocelot II Dec 2024 #36

I am 72. Thinking about a living trust to put the house into and making my kids the beneficiaries. OAITW r.2.0 Dec 2024 #43

How do you feel about buying dead horses? lastlib Dec 2024 #37

To simplify. I have an $80K mortgage at 3.5% (20 years/ 5 years in). I have CD investment equivalents making 5% OAITW r.2.0 Dec 2024 #44

I've been interested in this thread wryter2000 Jan 2025 #53

If you have 15 year CDs earning 5%, you would be better off financially to not pay off your mortgage; however, surfered Jan 2025 #56

Sounds like a good plan. multigraincracker Jan 2025 #58

Consider what they economic opportunity cost is LogDog75 Jan 2025 #61

We didn't have a very good loan so it made sense for us to pay off our mortgage many years ago. CrispyQ Jan 2025 #55

Pay off the mortgage. ificandream Jan 2025 #57

I had planned on paying my house off when I retired Americanme Jan 2025 #59

If you have enough, put that into a Money Market account as long as it is paying more than Wonder Why Jan 2025 #60

money market dividends are not qualified dividends, and so are not eligible for the capital gains rate nmmi Jan 2025 #62

I stand corrected on that point. They are not eligible for capital gains rate. Wonder Why Jan 2025 #63