So I'm a single mid-20s male. The mortgage I got in March 2021 was $148,000 at a fixed 3.1%. I've already paid extra and now it's $142,000. I also have a Mortgage Credit Certificate giving me a $2,000 tax credit based on my interest paid. I have $150,000 in cash and liquid assets and no other debt.
I personally really hate the bank that has my mortgage and I hate the idea of giving them tens of thousands of dollars in interest over the remaining 29 years. I want to deny them interest income.
I personally plan on making an extra $150 monthly payment to principal, then after 5 years when my Mortgage credit certificate isn't as effective and no longer gives me the full $2,000 tax credit, to then pay it off entirely. I anticipate probably having $250,000 in liquid assets and cash by then so I'll have plenty of emergency savings even after the mortgage payoff.
I fully understand logically it doesn't make sense to pay it off with an interest rate of 3.1% and to just invest my money, but I really hate my bank and it would give a lot of pleasure denying them income. If it weren't for my tax credit, I would pay it off now.
Submitted December 12, 2021 at 08:58PM by beatingmeth https://ift.tt/3dIvpTV
