Consider carefully the age of your mortgage.
If it is near maturity, paid off, bear in mind that you may have paid the "bulk" of interest on the total note. In the early years of a mortgage, the majority of the installments are applied to interest. At about the halfway point of the term, the interest payments decline and more of the installments are applied to the principle.
If you look at the present principle balance and the balance of the note due, the difference is interest.
Consider then if the savings in interest is worth paying in full. If very little interest is due over term, then the principle is being paid with very little interest, or expense.
If that be the case, I would suggest another investment. If by pay off, a great deal of interest is saved, consider the savings and if paid, then continue "saving" the installments and investing those.
2006-09-03 03:24:26
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answer #1
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answered by ed 7
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If you pay off your mortgage, you loose your tax deductions on your interest payments. Depending on your age and tax bracket, you may want to consider other option. If you are under 50 and your equity is high, you could take out you equity, add it to your endowment, place them both in a CD of 5%+ and use the interest to make you payments. This would give you a chunk of money in savings and give you an increased tax writer off. Have a knowledgeable,open minded CPA do the math for you. I believe you will be close to not paying any money out of pocket and still retain a chunk of cash for the future.
This is the real deal!
As far as investing your cash in the market, you might as well play roulette. Your odds of making money are the same.
2006-09-03 03:56:04
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answer #2
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answered by Nick R 3
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the factor of existence coverage is to financially do to your loved ones what you will possibly have executed had you lived. existence coverage is offered as a coupon in different words you pay lots according to 3 hundred and sixty 5 days according to $one thousand of coverage. existence coverage reward pays off debt, replace earnings and pay for college and does so earnings tax loose while paid to a beneficiary. in case you place self assurance in savings, which don't get me incorrect you want, you would be constrained to the quantity stored on the time of dying. existence coverage might desire to by no ability be looked at as an investment. nonetheless there'll be people who will attempt to sell it to you that way, that's a financial saftey internet to your loved ones. As for the suggestion which you purchase entire existence, do no longer. entire existence or standard existence might want for use for desires that are perminate. in case you youthful possibilities are high your going to wish an excellent sum. term will supply that for you at a actual looking fee. shop around for term expenses, there are quite a few agencies that provide super expenses. i might recommend West Coast existence, conserving existence or Lincoln national existence wish this facilitates.
2016-11-06 08:18:53
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answer #3
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answered by pachter 4
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Nope. There's little likelihood of your money being able to out perform what you will be paying in mortgage interest.
2006-09-03 03:17:46
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answer #4
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answered by eriverpipe 7
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Yes, I did a few years ago and mortgage-free living is great.
2006-09-03 03:25:15
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answer #5
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answered by Trish D 5
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Not sure read some mortgage tips on this site
2006-09-03 03:14:55
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answer #6
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answered by Anonymous
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go to www.suzeorman.com, you can ask
a question in this website. She has a show
on CNN (if i'm not wrong).
2006-09-03 03:18:17
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answer #7
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answered by pagemitre 4
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If there is enough and beneficial to you then why not.
2006-09-03 03:16:24
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answer #8
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answered by Anonymous
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