Does It Make Sense To Pay Off My Mortgage?

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[ianmowbray]

I am 58 and paid my mortgage off 6 years ago I have never slept better in my entire adult life. Today I go to work for me.

[Susanhartman.]

Keep in mind that during the 80’s people were encouraged to save due to the interest rates. Right now there’s very little incentive to save because those who are saving are watching those who are reckless taking it in. I’ve been trying to save for a home and it’s been discouraging to watch prices continue to not budge because there’s people willing to get into a mortgage where they’re paying 40% of their income. It’s insane.

[MargaretWest-mu]

In the early 1990s, when I purchased my first residence in Miami, mortgage rates were commonly in the 8-10% range. Today’s market participants must recognize that the historically low rates of 3% may not return. If sellers are compelled to list their properties, market dynamics will likely drive prices downward, leading to reduced valuations—this is a sentiment that many in the industry share.

[loriparkhurst]

I paid off my mortgage when i was 40 years of age. I am 53 working 8 days a month. Able to do whatever i want when i want and pay all my bills. Zero stress!

[sarawilliam]

Fortunately, my spouse and I were able to pay off our mortgage early. While we were both still employed, we took the money we had been using to accelerate our mortgage repayment and invested it immediately. Thanks to nearly 7 years of saving what would have been our mortgage payment and to maxing out our 401K/403B plans, we were able to retire early. Fortunately, both of our parents instilled in us the need of living within our means.

[Brandon]

Banks are selling mortgages. People always say it's a good option to buy at discount, but with the market turmoil and everything at stake in present economy, I'm thinking of buying stable coin to hedge against inflation, or is it all right saving over 350k ?

[Millerj]

For newbies, be aware that this is a grossly oversimplified scenario. For one thing, you can't get a mortgage on an investment property without at least 25% down payment. Two, it's easy to see comps for house purchase prices, but it takes a lot of research to understand the comps on rent prices. The trick is to find a place where renting is more expensive than buying, but those places are less common because of this very type of scenario. Three, you have to remember that rent number he's using is supposed to be net income, not gross. So you have to think about costs for taxes, insurance, maintenance and vacancy when you're researching investments. All that said, real estate investing is a good tool for wealth accumulation. But it isn't foolproof.

[Bob-xton]

Mortgage isn’t the problem. It’s the homeowner’s taxes & insurance. Nowadays it’s more than the mortgage

[alexsteven.m]

Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market

[DSA-njej]

Iam 53 my wife is 51 we paid our house off 2 months ago, my attitude has changed at work and in my life. I don't stress work anymore. We have a emergency fund and now looking to invest. My wife's job was very toxic we felt no reason to stay because we live within our means! WE DONT HAVE DEBT! We didn't do it the way Dave said but maintained the principals and still paid it of 4 years early. Thank you Dave and crue!!!!

[ClarkeGriffiny]

I paid up all my mortgages in 2yrs while working with a Financial Adviser. I’m 54 and my husband 57 we are both retired with over $3 million in net worth and no debts. We got to realize that the secret to financial freedom is making better investments.

[jgdwick]

My dad always said and I live by this …..if you can’t pay cash for it you don’t need it!!!

[Churchyyy]

I’m 26 and paid off my 92000 mortgage in 13 months. It’s the best decision I’ve made. I have no mortgage anxiety and the flexibility now to chase my dreams. Thank you Dave for changing my life!

[kasession]

I paid off my house with a severance payment I received. So I was unemployed, but getting unemployment, and living off that as well as savings for a period of time. A job offer came thru, with a cut in salary. As I didn't have any debt, I didn't have a problem accepting the job. The salary was more than enough that I needed to maintain my lifestyle at that time. That was 11 years ago. Still working for this company, and have gotten substantial pay raises. Your mind set does change substantially when you don't have debt.

[NormanGhali]

My wife and I sold made a different choice to sell our house in Florida to move to Texas. I invested some of the money from the sale in the stock market. The portfolio is up 300k this year. I guess she knows the investment is making profit, but we've never really spoken openly about it. It's one of the best choices I made

[jasonrodgers]

At 7:23- "Mortgage means "Death Pledge" in French". I'd never heard that before. Painfully, darkly, ironic for me that the loss of my beloved wife 7 years ago and the subsequent life insurance payout from her policy to me was what enabled me to do the early pay-off of the mortgage on our home. I'd give ANYTHING to still have both the mortgage AND her!

[djsausagebiscuits]

Not going to lie I watch every one of these mortgage payoff videos. I'm doing it... but the reminders help me get back to my why.

[flaviodasilveirapepino]

Exactly, being debt free sets free the mind to think in different way.

[Jay-nqjl]

Paid off mortgage this year at 58…best feeling I’ve ever had

[SDA]

Like Dave has been saying for a long time, paying off a mortgage is beyond just the math. Right now I have 17 yrs left on my mortgage, but ran doable numbers to get it paid off in 7 yrs. When my SUV is paid off in under 2yrs, then that money will go further towards the mortgage, probably making it gone in 4 yrs. I'm on the cusp of $1M in IRA / 401k savings, so i'm not hurting there and will continue to max it out every year. Getting rid of that mortgage is my number one priority! It's called piece of mind, less stress and personal security!