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Primary residence paid off?

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View Poll Results: Mortgage paid off?
Yes and I am <40 yrs old
Yes and I am 40-50
Yes and I am 50-60
No, less then 5 years to go
No, less then 10 years to go
No, donít care, has no priority, rather invest
Voters: 61. You may not vote on this poll

Primary residence paid off?

Old 06-22-2022, 11:09 AM
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Originally Posted by navigator View Post
I haven't paid interest in many years. I say do both, max out your 401k, at least to your employer's match. Max out an HSA (triple tax benefit) and then pay of the mortgage as soon as you can.
I generally agree with your financial priority list. Paying off a mortgage matters, but financial security lies in creating new sources of income.
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Old 06-22-2022, 11:12 AM
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Joined APC: Mar 2021
Posts: 708

why would I pay it off? for what? I can't tear a hole into the drywall and pull cash out. My mortgage is the lowest interest rate "loan" I have. FAR lower than my measely credit card balance, and car loan. I will pay off more expensive money first. And invest the rest

Dave Ramsey has some good ideas but they are not all good.
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Old 06-22-2022, 01:51 PM
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Originally Posted by BLAHBLAHBLAH View Post
Wonder how people are feeling now about refinancing paid off houses and investing in the market and Crypto now! I'll take a paid off house any day. Everybody has a plan until they get punched in the face (or wallet)!
1. The market is the market. It will come back.

2. There's no such thing as "investing" in crypto, only speculation. I could have told you this was going to happen. And I'm not any kind of financial genius

3. If the real estate market tanks too I'd rather NOT have my wad sunk in the house because then I have no flexibility if I need to move. Lose the job? You can still tap the 401k/IRA, and only eat it on the amount you need. If you have to tap a paid off house, you're screwed... best case a partial mortgage at high interest, worst case you can't GET a mortgage because you have no job and have to sell and eat the loss on the whole enchilada. Maybe you can rent it out and live in a trailer?

4. Federal tax rules incentivize having a home loan. It's the only loan I have, it's well under 3%, I'm in no hurry to pay it all off.
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Old 08-01-2022, 10:23 AM
All is fine at .79
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Joined APC: Sep 2016
Position: Paahlot
Posts: 3,880

No house payments.
No car payments.
No debt.
Feels amazing.

Ready for the apocalypse.
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Old 08-02-2022, 05:21 AM
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Joined APC: Jan 2020
Posts: 359

No car payments.
No debt.
Feels amazing.

You forgot a couple I would like to add:
Lots of .22 bullets, guns, and a shotgun.

No house payment, No nuthing. Kids college paid for in advance. Cash in the bank.

It does feel amazing
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