Hello, everyone!
I’ve been thinking recently that I would like to pay off my mortgage. Like right now. My original plan was to pay off my 15 year mortgage in 9 years (currently on year 2) while throwing any extra money towards IRA/stocks/mutual funds.
Currently, I owe 77,000 on my mortgage. I have 110,000 in stocks, mutual funds, Roth IRA (57,000 stocks, 7,000 in a joint mutual fund family, 23,000 and 22,000 in two separate Roth IRA... the 23,000 is mine specifically and could be utilized in the principal to add the extra needed to pay the mortgage).
As far as expenses for the mortgage go, there’s about 3100-3500 a year going towards interest which will go down over time. My portfolio grows about 10% a year in average.
I make around 45,000 a year and my wife makes around 20,000. She uses her income to throw 800 (400 in each) a month towards the IRAs. Expenses run around 2600 a month (includes mortgage 770 and the 800 IRA)
I’ve done some preliminary math, and it looks like I’ll miss out of around 28,000 in growth minus interest paid to the mortgage if I let it stand as is. Should I risk it for the biscuit and cash out my investments (all stock and mutual with some IRA principal) and pay off the mortgage and be debt free and start throwing everything back at investments or just be patient and wait the remainder of the 9 year goal to try and pay off my house? Does it seem worth it?
Submitted September 14, 2018 at 01:10AM by Zantiana https://ift.tt/2Qs1baV
