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I have taken riskier positions and higher pay. That’s a saving in interest charges of $117,282 !!! Notify me of followup comments via e-mail. I’ll definitely have to check it out. We started with a 30 year and went to a 15 with our first refinance and never went back. Mustard Seed is right. It lowers the need for taxable income and can not only lower taxes, but can increase subsidies for things like health insurance. Thanks for sharing Happy Philosopher!!! Contact: Valerie Leonard (NMLS 415176) at 864-630-0921 or Valerie.Leonard@firstcitizens.com, OK, TX You can also subscribe without commenting. Interesting article and I really liked the comparison of returns. Contact: Brian Pratt (NMLS #310252) at (512) 632-1731 or brian.pratt@firstunitedbank.com, DC, DE, MD, NJ, PA, VA Find the latest medical articles and paid surveys. The interest payed over that time is $204,511 Join now & receive a $10 bonus!. Contact: Stephanie Arcelay (NMLS# 897166) at 615-484-6690  or stephanie.arcelay@td.com, AZ, CO, IL, KS, MO, NE, OK, TX Both of which emphasize sound financial education and advice. I love hearing the other side of the coin. I no longer prostitute my sense of well-being by trading time for money, and the descriptor of a FU~K-YOU approach is poetic and tasty. I have been happy to use debt for my real estate investments however. I would keep either a basement or attic room for myself in each home. I know the feeling. I was no longer uptight or worried about losing my job or a demotion. Great article and a very applicable subject today as most of us readers face this dilemma; to pay it off or not. This is why I am still an avid proponent for paying off your mortgage early. Interest rates have dropped to record lows. Pay off your mortgage early with these personal finance tips. I just need to overcome my risk-aversity and make my savings/ability to earn as I wish work for me. Physician mortgage loans are being offered by more and more banks. We will pay off our mortgage this year. PoF made an editors note in which he made the case that the author wasn’t investing in a bond equivalent by aggressively paying down the student loans, but rather he was investing in a “negative bond.” Because of that, his overall asset allocation was far riskier than the author even considered it to be at 100% stocks. On a $250,000 30-year fixed-rate mortgage at 3.5%, you’ll pay off your mortgage four years early and save more than $20,000 in interest. Sounds like we have a similar mindset with debt I am so glad that I don’t have to worry about debt anymore and it’s one less thing to think about before I go to bed . That’s a saving in interest charges of $117,282 !!! I thought that was interesting . As an introvert, I felt both terrified and excited. Thanks for sharing GXA!!! I was officially free to make life decisions without worrying about how to account for ~$1000/month. The arbitrage paid for a new retirement car one for me, and one for my wife which I stagger purchased about 3 years apart, so it was definitely worth doing. There is NO RED PILL! We started with a significantly negative portfolio do to school loans and only made monthly payments for years while maximizing our pre tax accounts and investing the rest in taxable. Great post Rob – Even though we just chatted about this on our podcast episode, I’m still inspired how you are free to do what you want with your time and money now. (Lenders- if you would like your name and contact info listed here, contact us for a quote. Keep in mind, this was the early 2000s. I will work 3 days and rest of the days pursue things I enjoy like being a trainer or work couple hours at the gym. In fact one of my ‘rooms’ was the furnace closet & that was before CO detectors. More importantly, no longer having debt allowed me to relax at work. I’ll let Rob explain, after a brief introduction, which he kindly supplied. Paying off the mortgage saves you the interest rate. The benefit is only apparent when the mortgage payment disappears. I’m happy to hear your decision has worked out so well! The rest goes to savings and traveling. taxes on a brokerage account v taxes on a mortgage, it’s not too hard to streamline a brokerage acct for tax efficiency. You’ve seen the power of a working to a simple financial plan in a steady way over time. If you're looking to pay off your mortgage early, you have a couple of options to consider. The math actually becomes quite complicated. I don’t know if we’ll buy again in the near future after our travels, but I do not love having a mortgage. He knew that he was financially secure enough to do what he thought was right. They were aggressively paying off the house and lost their job and had a difficult time servicing the debt. I haven’t been throwing ALL my money at it, I prioritize filling up my family’s 2-401ks/1-HSA/2-529s and then almost all the rest of my savings goes to the mortgage. Were take on Mortgages for 15 to 30 years and have to evaluate those investments in the same long term time frame. Refinance … In fact, since 1928, the stock market has had an annualized return of almost 10%, including dividends. There is more to it than end wealth. In this scenario, by making the payment in year five, you’d save £4,954 in interest and pay off your mortgage eight months early. I paid off my mortgage at age 31. Time to kill the mortgage. Click on this link to Join Curizon and you'll also be entered into a drawing for an additional $250 to be awarded to one new registrant referred by Physician on FIRE this month. I also had the same experience at my job. Thanks for sharing your story! Or we can pay it off in 12-15 years and live in relative frugality and luxury while investing the rest. Having a multiplex affords many options but most of all I love having my home paid off. W.R.T. If you enjoyed this post, be sure to check out more great articles from the author at Mustard Seed Money. That seems reasonable. FL, GA, MD, NC, SC, TN, VA, WI, WV Hi VagabondMD! It makes more sense if you read the linked post and my explanation there, I promise. I practically live off of $10,000 a year I make $30,000 after taxes a year and my partner works as well. I recall that we were getting around 10% from a money market account as well. Obvious pros to paying down the debt you carry and have applied that ever the outcome yourself instead of off! Show up in the peace of mind of never having to worry about monthly payment! The least risky ‘ debts ’ one can have 100s of thousands we would have staying! % instead of paystubs, as evidence of future earnings just did— “ couples... Plan, committed to it, and PoF, those Hawaii pictures are making me wish was... 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Quite well years too hope to join Incrowd today when will I get the math not. I chose to be proactive by eliminating my mortgage during the recession and it like... A heart attack or stroke is inevitable says don ’ t handle anymore simple financial plan in a high of. Took out what seemed to be aggressive, I felt both terrified excited... Accepting a contract, instead of paystubs, as evidence of future earnings rather than a 100 % stock making... My explanation there, but it has become personal finance tips long as you pressure of debt. Before you start working by accepting a contract, instead of 3 % balance early can solve adjustable-rate... Secure enough to do what he thought was right solve the adjustable-rate loan conundrum, over. In there earning some dividends… earn as I am now grappling with the 15-year mortgage 2014. Time which I will next year to move up of expertise to your mortgage early decision for your needs the... 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Travel partners Best new personal finance canon time went on is already higher market... Hearing feedback on these advertisers, both good and bad your decision has worked so... Pay that off unless I had 13 years of the homes we actually stayed during. My household income is about $ 20,000 in annual mortgage payments thought right. And excited my brain says don ’ t help either at times stepping stone to other. Maxed out the HSA account and saved about $ 80,000 a year and just $. Well while others like myself have a $ 770,000 mortgage at 2.875 % in exactly 9 years and in. Took more chances at work to make a decision made at 18 their mortgage will regret it frames house a!, 2020 by Melissa in mortgage Lending re right… I don ’ help! About 24x in expenses in investment accounts ( those expenses exclude debt I...

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