Your opinion sought on mortgage payoff

[Pete]

Normally I would be in favor of you holding onto your money, but 32K is more like a car note. Pay it off, have peace of mind, and save some money monthly.

 

[mau]

30K * 6% = 1800/yr?

 

[REWahoo]

fern i'm confused. your balance on the mortgage is $30k and you are 15 years into a 30 year loan. you're paying $5k+ in interest? at 15 years i'd think your interest would be low with only $30k owed?

I believe the OP is saying paying off the mortgage would save $5k+ in interest over the remaining life of the loan.

 

[fern]

Yes, that's right wahoo, I would save a total of $5,453 if I paid off the entire loan now vs. just making the usual payments until May 1, 2016.

 

[mau]

Thanks for the explanation. If it were me, I would probably put an extra 5-10K now on the mortgage (assuming no penalty). Then at least your future payments will be paying more principal. You can always pay more off as you feel comfortable.

 

[veremchuka]

Yes, that's right wahoo, I would save a total of $5,453 if I paid off the entire loan now vs. just making the usual payments until May 1, 2016.

gee fern with that the case and 15 years of keeping your money especially since you don't have a job, personally i'd keep the mortgage. should you get a good secure job then consider paying it off. you owe so little and the interest is minimal it just seems like this is a debt that may be worth just keeping. in the end you have to decide what you want to do.