"Poll question: OKHomeowners - Pay off mortgage or invest?"
facts: - you currently have a mortgage - you're not swimming in money, but you're not sweating whether or not you can make the monthly payment - you're about to come into enough money that you could theoretically pay off the mortgage in full
do you: (a) pay off the mortgage in full, so that you have that as a safety net. You can use the money from your paycheck that was previously going towards mortgage to build savings and then invest the savings
or
(b) since the mortgage payments aren't killing you, keep making them. take the lump sum of money and invest it. Over the next 25+ years that you're paying off the mortgage, that lump sum is accruing value, and by the time you pay it off, the investment will be more valuable.
Poll result (20 votes)
Pay it off - if all else fails, you'll still own your home outright
Invest it - as long as you haven't been sweating the monthly mortgage payments already, keep making them. In 30 years, the money you invest will be worth more
1. "i'd pay off the mortgage bc its the safest of the two" In response to Reply # 0
if i was single and younger and i'd invest in that Mayweather/pac 100k vegasbrothel weekend
-The Knicks’ coaching search still includes a lone frontrunner, Kurt Rambis, whose qualifications for the position include a strong relationship with Jackson and a willingness to take the job.
2. "With mortgage rates currently around 3-4% I wouldn't pay it off." In response to Reply # 0 Fri Mar-20-15 12:40 PM by soulfunk
Maybe pay at an accelerated rate and invest the rest. Depending on how much time is left on your mortgage you could refi from a 30 year into a 15 year which would typically give you an even lower rate.
But if you can invest and make more than that 3-4% you're paying in interest on the mortgage, then investing makes more sense.
8. "Keep your cash first off" In response to Reply # 0
Invest a portion and sock away the rest.
Knowing that you already have a sizeable savings in place now you can afford to aggressive pay down your mortgage. Possible pay it off 10-15yrs sooner.
Liquidity is king.
"A nation or civilization that continues to produce soft-minded men purchases its own spiritual death on the installment plan" (c) Martin Luther King Jr.
12. "this is me ^^^ Pay the crib off now...." In response to Reply # 10
markets can crash, shit can devalue...but no one can ever take that house from you and your future fam once it's paid off (as long as you aren't one of those jackasses that loses a house due to unpaid taxes, lol)
...I'm from the era when A.I. was the answer, now they think ai is the answer - Marlon Craft
16. "pay it off and use mortgage money to invest" In response to Reply # 0
you now own your home out right. You can use a little bit of money every month to invest. If you lose money investing its okay because you still own your home.
November 8th, 2005 The greatest night in the history of GD!
20. "Hold on to that money..." In response to Reply # 0
pay off the mortgage at a faster rate or pay one lump sum to minimize your payments but interest rates are so low you might as well keep that money...you can make more than you'll be losing in interest.
28. "invest. having a monthly mortgage to pay off " In response to Reply # 0
will motivate you to keep hustling to make money because you have the payments. i never think about the money I have in investments as having anything to do with my montly bills. you'll be better off if you set that money aside and don't even thinka bout it paying off your monthly expenses and not living like a trustafundanarian which is what you'll essentially be doing if you use it to pay a living expense.
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