Posted by Mike (WA) on March 08, 2014 at 06:49:48 from (69.10.199.67):
In Reply to: Re: paying off mortgage posted by Logan in S.E. Texas on March 08, 2014 at 06:25:31:
Actually, interest is still deductible on income tax, if you can itemize deductions. But you have to have about $12,000 in deductions (charity, mortgage interest and property taxes are the big ones) to beat the standard deduction, and at your low interest rate, I doubt you have that much.
It really depends on how much cash you'll have left after paying it off. If payoff will take most of your cash, don't do it- you need cash reserve in case your job goes away, etc. If your mortgage is $70,000 and your payments are $500 a month, you can make a lot of monthly payments out of the 70K, to get you over a rough patch. If you spend it all on a payoff, sure, you won't have payments to make, but you also won't have any cash to get you through hard times.
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