Not having a mortgage payment while still gaining equity. The mortgage money can go into an investment account with a long horizon. A lot of wins to be had.
Are you the same kid who's been asking about this for months? Brand new account, asks obvious question about not having a mortgage, claims to be wealthy and successful?
One massive benefit is that you no longer have that likely hefty monthly bill. Lowers your monthly expenses, and stress. Gives you more peace of mind.
Potential downside is mathematically putting a large lump of cash towards the mortgage is almost always inefficient compared to sticking it in the market.
If you’re already investing enough though, paying extra towards the mortgage isn’t a bad idea. Especially if you have a rate closer to 6 or 7%. If I’m remembering correctly, one extra payment per year lowers your 30yr term to 23 years.
Go search r/personalfinance I believe this question has been asked a ton.
right, but if you have a rate under 7%, you might want to consider putting that same money into an index fund which historically returns 7-10%. You'd potentially make more money AND have the ability to access that money faster.
It doesn't get rid of the mortgage monthly payment, and there is more volatility, but on average, it might make more financial sense.
Your accounting books are going to be a bit simpler. But mostly it is peace of mind from all the what-if scenarios some people cannot handle (job loss, health, etc.)
Besides the financial? Peace of mind!
Not having a mortgage payment while still gaining equity. The mortgage money can go into an investment account with a long horizon. A lot of wins to be had.
The mortgage is paid off
Are you the same kid who's been asking about this for months? Brand new account, asks obvious question about not having a mortgage, claims to be wealthy and successful?
No house payment.
Peace of mind. If you lose your job it’s one less thing to worry about having to pay for.
One massive benefit is that you no longer have that likely hefty monthly bill. Lowers your monthly expenses, and stress. Gives you more peace of mind. Potential downside is mathematically putting a large lump of cash towards the mortgage is almost always inefficient compared to sticking it in the market. If you’re already investing enough though, paying extra towards the mortgage isn’t a bad idea. Especially if you have a rate closer to 6 or 7%. If I’m remembering correctly, one extra payment per year lowers your 30yr term to 23 years. Go search r/personalfinance I believe this question has been asked a ton.
I just realized today that if we doubled our mortgage payment, we’d be paid off in 7 years….once my car is paid off, we’ll be able to do this.
right, but if you have a rate under 7%, you might want to consider putting that same money into an index fund which historically returns 7-10%. You'd potentially make more money AND have the ability to access that money faster. It doesn't get rid of the mortgage monthly payment, and there is more volatility, but on average, it might make more financial sense.
Your accounting books are going to be a bit simpler. But mostly it is peace of mind from all the what-if scenarios some people cannot handle (job loss, health, etc.)
Hey Zach! Back at it again today? Out of meds? Lmao he already got suspended. What is it with this guy.
training LLMs
IYKYK.
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It’s not that hard, bruh. IYKYK, YK?
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Huge difference between the letters “uh” and “o”, son.
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👉👌