The monthly installment is $1700 for a 15 year lease. I am thinking of making $3400 payment every month. Is that a good idea to pay off the house early? Please advice.
2007-08-06 19:19:55 · 5 answers · asked by Alpha Bravo Charlie 2 in Business & Finance ➔ Renting & Real Estate
You can unless you have better investment options that get you more % return than your mortgage interest. Also make sure that you do not have a prepayment penalty on your mortgage loan. If you have any outstanding higher interest rate debts like credit cards then they should be paid off first.
2007-08-06 20:31:58 · answer #1 · answered by orange_slice 4 · 1⤊ 0⤋
ok, that's sturdy yet study the high-quality print. I only have been given a letter from Sallie Mae discouraging using consolidation loans. yet I basically have scholar loans so do not comprehend if its distinctive. One problem may be that the words of your consolidation own loan may be not as favorable as a number of the words in the guy debt which you have. case in point, the indoors maximum loan may be at a 9% activity fee, simply by fact of your credit, yet one in all your biills could have a 5% or no activity fee. Why pay a enhanced fee? So what you're able to do is to not comprise in the consolidation those expenses like that and ones that are small which you will pay off particularly quickly. only, lower back, study the high-quality print.
2016-11-11 10:40:04 · answer #2 · answered by deily 4 · 0⤊ 0⤋
Only if you have nothing else you can invest the money in.
If you're already maxed on your contributions to your retirement accounts and have all other debt paid off.
Keep in mind interest on the home is probably a tax write off, you get a tax break for putting money into a retirement account and probably about a 10% return.
If you've met your retirement goals, have no other debt that's not a tax write off then go ahead. If not, then there's probably a better way to use that cash flow
2007-08-07 13:00:01 · answer #3 · answered by matzael 3 · 0⤊ 0⤋
I'd make sure you pay off all other debts first. If you have done that, go ahead, it's a great idea!
2007-08-07 01:57:12 · answer #4 · answered by Anonymous · 1⤊ 0⤋
if you can afford it go for it. put the extra twds interest only and it will pay off the house faster
i had seen on tv if you pay 1k a year twds interest you knock 13 or some odd years off the time it takes to pay it off.
2007-08-06 19:28:13 · answer #5 · answered by nataliexoxo 7 · 0⤊ 1⤋