Originally Posted by
BoilerUP
Bought our house on a 20yr note in Q4'18. Been making substantial extra payments for a year and a half, plan to have it paid off NLT the four year anniversary of closing this year.
"Smart money" says a better return comes from investing, comfort comes from not having to make a monthly debt service payment and saving over $100k in interest over the life of the loan.
We refi-ed and got rock-bottom interest rates which we won't see again any time soon. That in and of itself is money in the bank, I'll drag that out the full 30 years. If your rate is low, need to consider that carefully... a paid off house is probably false security. If you're unemployed, you might have to sell it for the cash... and you won't be able to tap the equity with a new mortgage if you don't have income, not with today's bank rules. I'd rather have the cash in the bank... lot more flexibility that way.