| would you pay off your mortgage if you had the cash?? |
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ushomeloans
Full Member
Cash: $ 10.55
Posts: 57
Joined: 08 Sep 2005
Location: Sacramento
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you know this is a fairly common question I hear, and almost always the do not pay off the mortgage.
Here is a calculator that will help you guesstimate what the actual rate is after tax savings.
http://www.finance.cch.com/sohoApplets/MortgageTaxes.asp
Now if you get matched in your 401k, Have 5 year cds that pay more, or if you have annuity that returns higher, dont do it.
Thanks,
Chris Kemp
US Home loans
chriskemp@us-homeloans.net
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Thu Sep 08, 2005 10:25 pm |
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hellobob
Member
Cash: $ 2.90
Posts: 11
Joined: 31 Jul 2005
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Cool link and thanks for the input. others have written regarding personal debt... other than 14k on a car loan at 3.8% I dont have any debt, cards get paid monthly, if I cant pay it off in a month or so I won't charge it,
(I hate paying anyone interest).
While using your link I could see with tax write off of 7 to 8k in loan interest for the incentive to save 2-3k in taxes... I think I'd rather pay the taxes and have the extra $5k in my pocket instead of the banks.
Plus... the standard deduction for married and filing jointly last year was $9,700. and each dependant was another $800.00 (x 3 in my case) thats a total writeoff of $12,100 that dear old uncle Sam is already giving me,
I'd have to be doing 5k or more in charity on top of the mortgage deduction to even equal the standard deduction.
(and I'm feeling less and less charitable all the time.)
I think I'm going to pay it off and then pay myself from now on
instead of the bank.
thanks all
hellobob
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Mon Oct 24, 2005 3:08 am |
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Michael_Goldman
Member
Cash: $ 2.95
Posts: 13
Joined: 13 Nov 2005
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I think you should pay off all your debts as soon as possible, so yes, if you have the money pay it.
http://forums.hyipbest.com/ - http://hyipbest.com/
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Mon Nov 28, 2005 3:09 pm |
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