Long story short, recently retired at 56 and have just over two years left on our mortgage. Balance is $30,000 and if I went the full term I'd be paying out something like $1,400.00 in interest during this period. Although the mortgage interest is very little now, I can certainly use anything I can get in the way of a tax write off.
I have a very comfortable level of cash sitting in the bank, one account is only making 0.20% interest and if I kept that same $30,000 in this account I'd make something like $150.00 in interest over this two year period.
Seems like spending this $30,000. to pay off the mortgage will save me $1,250.00 in the long run. Make sense to you?
Our house value is approximately $600,000 and we easily live off my current retirement, plus I have a good sum in cash and investments.
Thanks!
I have a very comfortable level of cash sitting in the bank, one account is only making 0.20% interest and if I kept that same $30,000 in this account I'd make something like $150.00 in interest over this two year period.
Seems like spending this $30,000. to pay off the mortgage will save me $1,250.00 in the long run. Make sense to you?
Our house value is approximately $600,000 and we easily live off my current retirement, plus I have a good sum in cash and investments.
Thanks!