Excellent story. I am able to pay off my mortgage too. But I choose not to. I refinanced around a year ago to a 20 yr loan at 2.5%. I have a large amount in a savings account earning 4.35%. If my mortgage was a higher interest I would consider paying off. But with rate on it so low. Hard to take the plunge. Interest rates on savings and cds are at decade highs. Only downside is interest is taxed as ordinary income.
Logical-Cell-7313 t1_j9ykvqu wrote
Reply to My experience with paying off my home loan by Brucine
Excellent story. I am able to pay off my mortgage too. But I choose not to. I refinanced around a year ago to a 20 yr loan at 2.5%. I have a large amount in a savings account earning 4.35%. If my mortgage was a higher interest I would consider paying off. But with rate on it so low. Hard to take the plunge. Interest rates on savings and cds are at decade highs. Only downside is interest is taxed as ordinary income.