Sunday, September 18, 2016

Makin' It And Savin' It Sunday

I enjoyed this article at Penny Hoarder about paying off your mortgage or investing the money. In the end, I guess that it depends on the person and their situation. We are paying our mortgage down quickly. We pay extra and we pay every other week. When it is paid off, we will be saving about $700/month. That will be amazing!! And if anything ever happens with Dens job, living here will be cheaper than rent. But if Den had a job where we had to move every few years, I don't think I would pay it down. I think I would save the money.
Spill! What do you think, pay it off or invest it?
Sonya Ann


spiffikins said...

Team PayItOff here!

I'm determined to get rid of my mortgage asap - once it's gone I will be able to save nearly 50% of my take home pay!

Wendy @ The contented Cavern said...

Pay it off defo If you have less debt you can earn less and free up time for other stuff it's a no brainer for me. Everyone's situation is different though and I was very fortunate to be able to pay mine off early.

slugmama said...

Pay the mortgage off and then invest that $.
FP tried to convince me that sending interest on a mortgage to a bank and getting a partial tax deduction the following year from the gubermint was better than paying less in interest(b/c of paying a mortgage off early)and keeping ALL of what I had been paying to a bank for a mortgage.
Yeah, right........

Elephant's Child said...

We paid ours off. And heaved a HUGE sigh of relief. And now seem to spend equivalent amounts keeping it from falling down around our ears. And in Oz, your mortgage is your own. No guvermint tax deductions.

SAM said...

We paid it off. Lord knows how we would have made it financially the year DH was unemployed then underemployed if we also had the mortgage. We'd have tied up money in long term and probably wouldn't have any more saved.