Should I keep or pay-off, part of or all of, new mortgage?

[youbet]

maybe...but math was also a factor. with the mortgage paid that freed up nearly $900 per month that we added to the $ we already were investing in a red hot market. at the same time the value of our home kept climbing also adding to our NW. as with anything YMMV.

I question "freed up nearly $900 per month." That money was already in the market and you removed it to pay off the mortgage. In actuality, you reduced your participation in the red hot market by paying off the mortgage.

OTOH, I applaud your decision to pay off the mortgage because it made you feel good. Completely legitimate reason.

 

[youbet]

Renting is probably the least economically efficient method. My sister is retired and her rent just keeps going up and likely will continue to go up. I tried to get her to buy a home when prices were down and interest was cheap. She didn’t want a mortgage in retirement. That decision is now wrecking her retirement cashflow. She may have to get a roommate or move in with her kids. Both suboptimal.

I know you threw in the word "probably" to cover your as*, but despite your irrelevant anecdotal example, that frequently isn't true.

 

[Gumby]

I think people employ the word "probably" to acknowledge uncertainty. Its use should not be discouraged. Few things in life are absolute.

 

[Aerides]

As usual, petty squabbles on an age-old question have taking this thread beyond its helpful stage, and into bickering that is unpleasant to most anyone still reading.