Author Topic: Mortgage Payoff Club!!  (Read 1080150 times)

grantmeaname

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Re: Mortgage Payoff Club!!
« Reply #2500 on: April 03, 2024, 06:34:15 AM »
That's a big goal! Good luck!

Most mortgage interest in the US is not deductible either, practically speaking. It's only about 10% of taxpayers who itemize now after the Trump administration's tax changes. You'd likely have to have a big mortgage plus lots of state taxes plus another significant tax deduction for it to make sense.

monarda

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Re: Mortgage Payoff Club!!
« Reply #2501 on: April 03, 2024, 09:41:33 AM »
That's a big goal! Good luck!

Most mortgage interest in the US is not deductible either, practically speaking. It's only about 10% of taxpayers who itemize now after the Trump administration's tax changes. You'd likely have to have a big mortgage plus lots of state taxes plus another significant tax deduction for it to make sense.

I itemize every other year. In even tax years, I pay a couple of extra months of mortgage payments and property taxes so it's worth itemizing.  In odd years I pay less and use the standard deduction

monarda

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Re: Mortgage Payoff Club!!
« Reply #2502 on: April 03, 2024, 09:48:18 AM »
We have 3 mortgages.
Two won't be paid off for a while, (one is at 2.25%, one is at 3%)
but one... now the balance is now $49,435.

Less than 5 years to go. :-)

Almost a year later, mortgage balance for the rental is $43,515  (at 4%)
and the credit card balance we're holding is $45,917  ("0% credit cards"- balance transfer 3% for an additional 18 months, so basically 2% for year).  We'll pay both down, but not so aggressively, ... like the last couple of posts say, we will hold some in savings and stay steady paying the minimum or a bit more now and then.

Another year later, mortgage balance for the rental is $31,978
and the credit card balance is $54k, with plans to pay that down to about $40K in the next couple of months.

Alfred J Quack

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Re: Mortgage Payoff Club!!
« Reply #2503 on: April 06, 2024, 11:57:44 AM »
$92,000 to go on a 3.25% 15 year mortgage with 10 years remaining.

I wonder if this thread and this site will be around in 10 years for me to celebrate here - because I'm damn sure not paying a penny early!
The choice is yours to make but I paid mine off in 2018 and have been none the worse for it either.