So I live with my parents rent-free and just landed my first job out of college making about $4,900 a month. I don't have any big expenses or debt.
My parents have about $350,000 left on the mortgage and pay about $2,500 a month towards it. They're both 60 and plan on working for another 6 or 7 years.
I was thinking of contributing an extra $2,000 a month (The rest goes to maxing out 401k, IRA, savings, and other small expenses) and if I do, we could pay it off in about 6.5 years. This would be right as they retire.
They really want to give me this house and I can see myself living here for years with them as my roommates lol. I have no idea how transferring property works, but I'm pretty set on this being my future house.
Do you think aggressively paying it off now is worth losing some financial freedom in my 20s? Should I be paying more than $2k? Any significant tax implications if I do this?
Disclaimer: Financial noob who just started learning about all this in my senior year of college.
Edit: 4.2% interest on the mortgage
Submitted January 26, 2019 at 10:16PM by tacobellsuperfan http://bit.ly/2B1odz9
