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Re: pay off mortgage
Old 05-06-2005, 09:26 AM   #61
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Re: pay off mortgage

You get that big glossy packet in the mail from ahnold this week? He's mailing every household his petition to get his agenda on the ballot. I wonder what that cost, who paid for it, and what we could have done with the money instead? I did vote for the guy, but I've been dissapointed so far. You can only break so many promises.

JG, you have a lot of opinions on politics for someone who doesn't vote! Reconsider that decision, too few people vote as it is, and I rather have informed voters come back to the polls, even if I don't always agree with them.

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Yes, pay off the mortgage.
Old 05-09-2005, 03:04 PM   #62
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Yes, pay off the mortgage.

Originally Posted by tednvon
Our variable rate mortgage has been excellent over the last 5 year at about 4%. It is now going to adjust to 6.3 or another $93/month ($523 P&I). Balance is $78,400.

My question is:
What is advantage of paying off mortgage in Nov. this year? Is there a rule of thumb or calculator somewhere. Every calculator I find has to do with reinvesting the money not using the previous mortgage $$ to go toward monthly expenses in retirement.

I hope this explains my situation and my question...This site and FireCalc have been invaluable in helping me to plan our retirement and keep expenses very low using no load mutual funds with low expense ratios. All the best...Ted
If you haven't already, read this thread and then run the two scenarios in FIRECalc.

IMO it's gonna be hard to make money by holding a variable-rate mortgage.

But NFCU is still offering 5.5% fixed-rate 0-point 80% LTV loans. You may be eligible for their membership or some other credit union may be as competitive.

Keep in mind that "run the numbers" and "sleep at night" are two completely different discussions with equal validity. If you feel better with the second then it just doesn't matter how good the loan is.


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