What are my options with the current mortgage?

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worthit
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What are my options with the current mortgage?

Post by worthit » Tue Jan 08, 2019 8:32 pm

Hello BHs:

Here is the situation:

It is a 30 year mortgage, rate is 3.675, 26 more years to go with an amount of $593,000 remaining which is our only debt. When I refinanced it 2 years ago, my wife suggested to go with a 15 year mortgage as we had nearly twice that of the mortgage amount in liquid cash (big savers here). She didn't like the idea of paying so much interest through the life of the loan and was convinced that it wouldn't impact our lifestyles even if we paid more monthly. I wasn't convinced then, for the fear of a sudden job loss for either of us (been there twice - so didn't want to risk it) or the possibility of some financially catastrophic event that could stress our lives. More over, I was of the view that the tax deduction would be far better financially. But fast forward now, our savings have gone up 100%, we have not lost our jobs and thankfully we haven't had any catastrophe hit us financially or otherwise. Now, revisiting this and looking at the amount of money we could have saved (about $250,000) if only I had opted for the 15 year mortgage, I am in disbelief and unable to digest it. I know in hindsight everything looks different, but this is bothering me. Of course, I ended up investing the extra cash that was available monthly in equities mostly buying index funds following the BH philosophy, as we are still in the accumulation phase of our lives. Additional details if it helps - maxing all the tax advantaged/deferred spaces including HSA, 529 etc. Statrted backdoor and a mega backdoor as well.

My question is - what are my options so I don't end up paying all these monies for the next 26 years towards the interest rather than the principal or at least reduce it substantially? I am not sure of my options, given that the rates have increased in the last 2 years. Or is it better to just stick with my current rate/payments and take the tax deductions throughout the life of the loan?

Appreciate suggestions and recommendations.

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unclescrooge
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Re: What are my options with the current mortgage?

Post by unclescrooge » Tue Jan 08, 2019 8:40 pm

What's stopping you from paying as if it was a 15 year mortgage?

If you pay $4,290 every month the mortgage will be fully paid off in 15 years. If you pay $5,912 it will be paid off in 10 years.

I don't understand why you sound so upset.

mortfree
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Re: What are my options with the current mortgage?

Post by mortfree » Tue Jan 08, 2019 8:50 pm

You are a self described big saver.

Will you save more than $250,000 over a 30- year period?

How much in interest have you paid thu far?

As unclescrooge said, you can start paying extra each month now. Just get very familiar with the amortization schedule by creating and inputting all the payments to date. Then play around with extra payments going forward.

Maybe you could even recast your mortgage (I am a novice so not sure if that is a good idea in your case)

alaskantraveler
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Re: What are my options with the current mortgage?

Post by alaskantraveler » Tue Jan 08, 2019 8:57 pm

Not following. Just pay more than the minimum payment. You can pay it off in 15 yrs, 10 years, 5 years, whatever you want. The benefit of going with a 15 year loan is that the interest rate is generally lower than the 30 year rate. Todays 15 yr fixed rate is 3.7% where as todays 30 yr is 4.51% There is nothing stopping you from paying it off more quickly.

k3vb0t
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Re: What are my options with the current mortgage?

Post by k3vb0t » Tue Jan 08, 2019 9:00 pm

Am I following this correctly?
  • You have a 30 year mortgage at 3.675%
  • Current balance of $593k after 4 years
  • When you refinanced, you had more than double the mortgage amount in liquid cash = $1.2M give or take?
  • Your savings have increased 100%... so $2.4M?
And you're worried about paying some interest on a $593k mortgage at a really low rate?

Pay it off now, pay it off by paying extra each month as if it were a 15 year, do whatever you want but ... relax!

Unless I am totally misreading what you wrote, if so I apologize.

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worthit
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Re: What are my options with the current mortgage?

Post by worthit » Tue Jan 08, 2019 9:40 pm

Thank you, unclescrooge, mortfree, alaskantraveller and k3vb0t.

Pardon my ignorance. I am a novice with all this and perhaps I wasn't clearer.

unlcescrooge - If you pay $4,290 every month the mortgage will be fully paid off in 15 years. If you pay $5,912 it will be paid off in 10 years.

Wouldn't this mean that I am just paying the principal and all the interest in 10 or 15 years rather than in 26 years? I was wondering if I could probably pre-pay the enire loan amount and get some sort of waiver or reduction in the interest amount.

mortfree - Yes, I am a saver, but then our incomes went up substantially in the last 3 years - that is the real reason why our savings went up substantially and I am considering other options. I believe I will save more than $250,000 in the next 30 years. Paid about $90,000 in interest to date. In fact, I was looking for something like "recasting". Honestly, I had to google to find out what it actually meant. So thank you for this.

alaskantraveler - so I wouldn't gain by refinancing as my current rate is lower than today's 15 year rate. But thanks for this.

k3vb0t - Your understanding is correct. I am not trying to be a mortgage free home owner (although paying off my mortgage early will make me one).

So as I understand after a cursory look up on google, I think "recasting" would have been an option provided the interest rates were lower than my current rate and would help someone in my situation. Am I understanding this correctly or may be I am not?

Below is a definition of "recasting" I came across from google - the option I had in mind is the bolded last sentence:

Recasting happens when you change your existing loan after prepaying a substantial amount of your loan balance. For example, you might make a sizeable lump-sum payment, or you may have added extra to your monthly mortgage payments—putting you well ahead of schedule on your debt repayment. Your lender can recalculate your monthly payments based on your low loan balance, resulting in a lower required monthly payment. Because your loan balance is smaller, you’ll also pay less in interest over the remaining life of your loan.

Thanks again, everyone.

delamer
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Re: What are my options with the current mortgage?

Post by delamer » Tue Jan 08, 2019 9:47 pm

If you increase your payments so that the loan is paid off in 10 or 15 years, you will save an enormous amount of interest (versus sticking with the 30 year amortization).

Try this calculator and input extra payments: https://www.bankrate.com/calculators/mo ... lator.aspx

Then look at the amortization schedule. You’ll see the interest savings.

If you prepay the entire loan, then the interest rate is irrelevant.

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Re: What are my options with the current mortgage?

Post by grabiner » Tue Jan 08, 2019 9:55 pm

worthit wrote:
Tue Jan 08, 2019 9:40 pm
Thank you, unclescrooge, mortfree, alaskantraveller and k3vb0t.

Pardon my ignorance. I am a novice with all this and perhaps I wasn't clearer.

unlcescrooge - If you pay $4,290 every month the mortgage will be fully paid off in 15 years. If you pay $5,912 it will be paid off in 10 years.

Wouldn't this mean that I am just paying the principal and all the interest in 10 or 15 years rather than in 26 years? I was wondering if I could probably pre-pay the enire loan amount and get some sort of waiver or reduction in the interest amount.
Interest is charged every month on the unpaid principal, so you get a 3.675% return on any prepayments in reduced interest. For example, if you pay $10,000 more today, your balance next year will be $10,367.50 less than the scheduled amount. Your payments next year will be the same, but more of them will go to principal and less to interest.

You could view this as a risk-free investment earning 3.675%. If you aren't deducting the interest, and don't need the liquidity (you won't get any benefit until the mortgage is paid off and you eliminate future monthly payments), that is a decent return. And if you have enough cash to pay it all off, that is an even better return, as you start getting benefits immediately.
Wiki David Grabiner

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worthit
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Re: What are my options with the current mortgage?

Post by worthit » Tue Jan 08, 2019 11:44 pm

Thank you, grabiner for explaining this to me. I now understand what unclescrooge meant. Also, thanks for patiently explaining these.

The conflict is that I am taking the interest deductions annually, but I don't need the liquidity. So not sure if it will make any sense to pre-pay in full as I am sure I will end up paying more in taxes without the mortgage. May be pay more every month for next 10 years or so? This way, not only am I reducing the total interest I would pay, but also can deduct the interest on my taxes. Does this make sense?

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Watty
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Re: What are my options with the current mortgage?

Post by Watty » Wed Jan 09, 2019 12:07 am

Just FYI,

The prepayment of the loan being discussed was assuming that this is in the US. Other countries may have different rules about prepayments.
k3vb0t wrote:
Tue Jan 08, 2019 9:00 pm
Am I following this correctly?
You have a 30 year mortgage at 3.675%
Current balance of $593k after 4 years
When you refinanced, you had more than double the mortgage amount in liquid cash = $1.2M give or take?
Your savings have increased 100%... so $2.4M?
And you're worried about paying some interest on a $593k mortgage at a really low rate?

Pay it off now, pay it off by paying extra each month as if it were a 15 year, do whatever you want but ... relax!

Unless I am totally misreading what you wrote, if so I apologize.



It is not exact but one of the problems with having a mortage is that in some ways it is like a negative bond. There are a couple of problems with this.

1) If your asset allocation is 20% bonds then you have about $480K in bonds that are earning around 2%, but you are paying 3.675% on the mortage before taxes. You are losing money every month on that.

2) If you want an asset allocation of 80% stocks and 20% bonds then you in effect need to subtract out your mortage from your bond holdings. That would give you an asset allocation of over 100% stocks and a negative bond asset allocation.

3) Investing the money and earning more than 3.675% is harder than it sounds because you have a sequence of returns risk. Here is a simplistic example of that I have posted before.
 If you do not pay it off then you will have more sequence of returns risk. For example in rough numbers if you just kept a $100K mortgage and also put $100K into a separate investing account which you also pay a $500 a month mortgage out of then;

a) If you get unlucky and get a modest 10% decline in the portfolio the first year then it would be down to $90K
b) You would also need to pay the $500 a month mortgage($6,000) so your portfolio would be down to $84K
c) To break even the next year you would need to gain back the $16K and another $6,000 for the next years mortgage payments which is $22K. That would take a 25.6% return on the remaining $84K just to break even.


There are all sorts of opinions about paying off a mortage or not but in your situation I would just pay it off and then invest your "mortage payment" each month, but that is just me.

There is a wiki related to this choice.

https://www.bogleheads.org/wiki/Paying_ ... _investing

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Watty
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Re: What are my options with the current mortgage?

Post by Watty » Wed Jan 09, 2019 12:16 am

worthit wrote:
Tue Jan 08, 2019 11:44 pm
The conflict is that I am taking the interest deductions annually,......
Some problems with this;

1) The extra $593K that you have invested in a taxable account is likely paying a dividend or interest. At 2% that would generate about $12,000 a year that you have to pay taxes on. That taxable income offsets a lot of your mortage interest deduction.

2) You are spending a lot to save a small amount of interest. In the 25% tax bracket there is a saying "You are spending a dollar to buy a quarter."

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Re: What are my options with the current mortgage?

Post by surfstar » Wed Jan 09, 2019 12:30 am

worthit wrote:
Tue Jan 08, 2019 11:44 pm
The conflict is that I am taking the interest deductions annually,
Have you run your 2018 taxes yet?
The tax "cut" meant a whole lot of SALT deductions got swept off the table for many filers.

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worthit
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Re: What are my options with the current mortgage?

Post by worthit » Wed Jan 09, 2019 12:45 am

Thank you, Watty for the link to the wiki. I will certainly read up. By the way, the mortgage is in the US.

Your observations about my investments and the dividends are correct - that is another reason why I started exploring options to pre-pay. The example you provided about the sequence of returns risk is very provoking. Based on all this, I am leaning more towards paying off the mortgage. Appreciate your time.

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worthit
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Re: What are my options with the current mortgage?

Post by worthit » Wed Jan 09, 2019 12:56 am

surfstar, yes I live in a state/county where the SALT is in effect. Another reason I started looking into my options for prepaying.

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worthit
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Re: What are my options with the current mortgage?

Post by worthit » Wed Jan 09, 2019 1:15 am

Thank you, delamer for the link. That's is where I started and realized how much I could save. It appears that prepaying will certainly benefit me especially after reading and taking into consideration all the responses including the pros and cons of each.

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Re: What are my options with the current mortgage?

Post by GMCZ71 » Wed Jan 09, 2019 7:55 am

Watty wrote:
Wed Jan 09, 2019 12:16 am
worthit wrote:
Tue Jan 08, 2019 11:44 pm
The conflict is that I am taking the interest deductions annually,......
2) You are spending a lot to save a small amount of interest. In the 25% tax bracket there is a saying "You are spending a dollar to buy a quarter."
+1^^^
You are giving the bank/mortgage 75% so you can save 25% on a tax deduction.
John

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unclescrooge
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Re: What are my options with the current mortgage?

Post by unclescrooge » Wed Jan 09, 2019 8:10 am

worthit wrote:
Wed Jan 09, 2019 12:56 am
surfstar, yes I live in a state/county where the SALT is in effect. Another reason I started looking into my options for prepaying.
You're right around the point where a 15% decline in your mortgage balance will mean your itemizations are the same or lower than the standard deduction.

I would do nothing until I got that point, and then pay off the mortgage in a lump sum.

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Re: What are my options with the current mortgage?

Post by Leemiller » Wed Jan 09, 2019 8:24 am

I would have your CPA (if you use one) run your taxes with and without the mortgage deduction this year. Tax software can do this as well. We are in the same boat - due to SALT deduction changes I’m considering paying down at a faster rate. I might wait until we get closer to no tax benefit and meanwhile continue to stockpile after tax savings.

Also, OP, it may help you to look at an amortization table. You can always do a lump sum payment and that will effectively reduce the term of your mortgage. For recasting, you’d need to check the terms of your mortgage and you would keep your current interest rate. Your monthly payments would drop though, which might be a nice way to reduce risk. Like you, despite good savings, I worry about a loss/drop in our income. I’ve wondered if just paying off my mortgage would relieve most of that anxiety

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N1CKV
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Re: What are my options with the current mortgage?

Post by N1CKV » Wed Jan 09, 2019 8:32 am

It is time to take your self from being a person that pays interest, to a person that earns interest.

Why would you borrow money at 3.65%, only to stick it in the bank at ~2.00%???? You haven't stated any reason to need that much cash. You have more than enough to tide you over in the case of a job loss, especially if you are mortgage free. Pay it off.

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Re: What are my options with the current mortgage?

Post by Toons » Wed Jan 09, 2019 9:04 am

Pay as much extra as you can
whenever you can.
Pay it Off as soon as you can.
:happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

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Re: What are my options with the current mortgage?

Post by Jack FFR1846 » Wed Jan 09, 2019 9:16 am

A potential substitute for an emergency fund is a HELOC. Look around for a no cost HELOC and take it. I have one from 23 years ago still active. Shortly afterwards, I paid off my mortgage. For a few following big payments, I used the HELOC, but soon paid that off and built up a more traditional emergency fund.
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Re: What are my options with the current mortgage?

Post by Tal- » Wed Jan 09, 2019 9:33 am

Two things...

First, you didn't make a mistake four years ago. Playing the 'what if' game is dangerous and non-productive. And, in this case, wrong. You have a good mortgage that is more flexible than a 15 year mortgage. While you were insecure about finances, I would argue that you made the right choice. This is akin to buying life insurance, and then being alive at the end of the term... you paid a little bit for some added financial security, and thankfully, you didn't need it. If I were to go back and give the 4-year ago you advice, it would be to do exactly what you did.

And second, you have several good options today. Paying it off as a lump sum is a fine option. Pre-paying is a fine option. Recasting is a fine option. And even paying the regular monthly payments for the next 26 years is also a fine option. I would not suggest you do a refinance due to the fees, but other than that, try not to fret about making the wrong choice as your choices are really a bunch of good choices.

With that said, I would suggest that you pay it off. The math (2%/3.625%) and debt-vs-bonds arguments are all reasonable, but not overly compelling to me. What I am compelled by is your anxiety. You have $2M in the bank, and you're feeling stress about a problem that can easily be fixed (and, quite possibly, have a positive long-term return). Personally, I would keep the mortgage, but debt doesn't stress me out and I take comfort in large account balances. Debt/interest does appear to cause you stress, which is fine, but it does mean that the right solution for you is probably different than the right solution to me. So, my advice would be to pay off the mortgage today, and then tonight go out to a nice dinner to celebrate being 100% debt free.
Debt is to personal finance as a knife is to cooking.

SarahS
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Re: What are my options with the current mortgage?

Post by SarahS » Wed Jan 09, 2019 10:30 am

If you decide to make additional payments to accelerate pay-down of your mortgage principal, make sure you write “Principal Only Payment” on your check. Otherwise, banks have some disingenuous ways of applying it.

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worthit
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Re: What are my options with the current mortgage?

Post by worthit » Wed Jan 09, 2019 1:27 pm

Thank you SarahS, Tal, JackFFR1846, Toons, NICKV, Leemiller and GMCZ71 for your suggestions and recommendations!

I sincerely thank each and everyone of you for taking the time to respond and help me with this and to get a better understanding.

My hats off to the collective wisdom and kindness of this forum to help and teach anyone willing to listen.... amazing!

delamer
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Re: What are my options with the current mortgage?

Post by delamer » Wed Jan 09, 2019 2:39 pm

If you are married filing jointly, the only tax savings you’ll receive will be based on the difference between your total deductions and the $24,000 standard deduction.

So if your deductions are $30,000, then you are only savings taxes on $6,000 since the first $24,000 would have been available anyway.

(I am ignoring any state/local income taxes.)

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Re: What are my options with the current mortgage?

Post by Starfish » Wed Jan 09, 2019 3:06 pm

worthit wrote:
Tue Jan 08, 2019 8:32 pm
Hello BHs:

Here is the situation:

It is a 30 year mortgage, rate is 3.675, 26 more years to go with an amount of $593,000 remaining which is our only debt. When I refinanced it 2 years ago, my wife suggested to go with a 15 year mortgage as we had nearly twice that of the mortgage amount in liquid cash (big savers here). She didn't like the idea of paying so much interest through the life of the loan and was convinced that it wouldn't impact our lifestyles even if we paid more monthly. I wasn't convinced then, for the fear of a sudden job loss for either of us (been there twice - so didn't want to risk it) or the possibility of some financially catastrophic event that could stress our lives. More over, I was of the view that the tax deduction would be far better financially. But fast forward now, our savings have gone up 100%, we have not lost our jobs and thankfully we haven't had any catastrophe hit us financially or otherwise. Now, revisiting this and looking at the amount of money we could have saved (about $250,000) if only I had opted for the 15 year mortgage, I am in disbelief and unable to digest it. I know in hindsight everything looks different, but this is bothering me. Of course, I ended up investing the extra cash that was available monthly in equities mostly buying index funds following the BH philosophy, as we are still in the accumulation phase of our lives. Additional details if it helps - maxing all the tax advantaged/deferred spaces including HSA, 529 etc. Statrted backdoor and a mega backdoor as well.

My question is - what are my options so I don't end up paying all these monies for the next 26 years towards the interest rather than the principal or at least reduce it substantially? I am not sure of my options, given that the rates have increased in the last 2 years. Or is it better to just stick with my current rate/payments and take the tax deductions throughout the life of the loan?

Appreciate suggestions and recommendations.
A long term loan with this low interest rate (even better if tax deductible) is gift from God (ok, government). To not take advantage of it is a pity. It's practically free money.
But if you don't like debt and want to get rid of your safety cushion of cash/higher return investments, feel free to pay more every month or all at once. It is not smart or a good financial decision (unless you are retiring right now), but that doesn't seem to bother anybody.

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Re: What are my options with the current mortgage?

Post by Starfish » Wed Jan 09, 2019 3:15 pm

delamer wrote:
Tue Jan 08, 2019 9:47 pm
If you increase your payments so that the loan is paid off in 10 or 15 years, you will save an enormous amount of interest (versus sticking with the 30 year amortization).
No, you don't save anything. There is a thing called time value of money.
The mortgage is not far from inflation rate. If interest is tax deductible, the effective interest rate is probably under inflation. You make free money by holding the mortgage.
Americans have access to government sponsored low interest FIXED mortgages. It's pretty unique advantage in the world, but some just don't want to use it.
Last edited by Starfish on Wed Jan 09, 2019 8:55 pm, edited 1 time in total.

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Re: What are my options with the current mortgage?

Post by arsenalfan » Wed Jan 09, 2019 3:35 pm

This calculator also is pretty good - it lets you see the amount of time you shave off if you pay extra towards principal.

http://www.decisionaide.com/mpcalculato ... ments1.asp

You may want to play around and adjust numbers to set a payoff date for yourself.

This forum has a lot of pay off mortgage vs invest threads. A lot of it comes down to the psychological benefit of being debt free; mathematically it's probably better to keep it/invest the payoff amount in equities; pros=liquidity, cons=investment risk/return.

My investment policy statement specifies that windfalls/any savings surplus > $X is allocated 2/3 towards aftertax account investments, 1/3 to mortgage principal pay down. I dislike paying interest, but I'm not sure this is our "forever home" and my 30 year rate is 3.35%, and I do itemize despite the bump in standard deduction until 2025.

delamer
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Re: What are my options with the current mortgage?

Post by delamer » Wed Jan 09, 2019 7:20 pm

Starfish wrote:
Wed Jan 09, 2019 3:15 pm
delamer wrote:
Tue Jan 08, 2019 9:47 pm
If you increase your payments so that the loan is paid off in 10 or 15 years, you will save an enormous amount of interest (versus sticking with the 30 year amortization).
No, you don't save anything. There s a thing call time value of money.
The mortgage is not far from inflation rate. If interest is tax deductible, the effective interest rate is probably under inflation. You make free money by holding the mortgage.
American have access to government sponsored low interest FIXED mortgages. It's pretty unique advantage in the world, but some just don't want to use it.
My earlier point was that only that portion of mortgage interest that pushes you over the $24,000 standard deduction (if MFJ) gives you a benefit from the tax deduction.

That is a significant change as of 2018.

And, the most recent 12 month CPI change was 2.2%.

Care to elaborate on your point about the time value of money with an example showing that “you don’t save anything?” I understand the argument that you’d be better off investing than prepaying, but that is a different point.

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Re: What are my options with the current mortgage?

Post by Starfish » Wed Jan 09, 2019 8:54 pm

It is not a different point because time value of money can be seen through many lenses: inflation future and present, differential in return, opportunity cost, liquidity and safety.
CPI is not exactly the same thing with real inflation and does not tell anything about future inflation.
Holding a mortgage is a hedge against inflation. Having a money cushion increases one's safety not decreases it.

The point about only the portion over 24k is a good one. However 3.7% is still small.

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Re: What are my options with the current mortgage?

Post by Starfish » Wed Jan 09, 2019 9:04 pm

It is not a different point because time value of money can be seen through many lenses: inflation - future and present, differential in return, opportunity cost, liquidity and safety.
CPI is not exactly the same thing with real inflation and does not tell anything about future inflation. The main issue is that you don't save the money in today's dollars, you save the money in depreciated dollars.
Holding a mortgage is a hedge against inflation. Having a money cushion increases one's safety not decreases it.
Having money in the market for long time is the most important thing. 30 years is a lot of time.
The low interest rate fixed rate mortgage in a good real estate area is a very important wealth builder for a lot of people.


The point about only the portion over 24k is a good one. However 3.7% is still small.

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Re: What are my options with the current mortgage?

Post by Nate79 » Wed Jan 09, 2019 9:19 pm

Paying extra on the mortgage is a risk free after tax return of 3.675% (without tax deduction but tax deduction is pretty minor above the standard deduction for almost everyone). If you compare to Vanguard total bond market fund SEC yield is 3.25% and 10 year treasuries are ~2.7% all pretax. So on a comparable risk basis that is the cost of liquidity. Keep in comparable risk product or pay off the mortgage. Clearly paying off the mortgage

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Re: What are my options with the current mortgage?

Post by dknightd » Wed Jan 09, 2019 9:22 pm

worthit wrote:
Tue Jan 08, 2019 8:32 pm
Hello BHs:

Here is the situation:

It is a 30 year mortgage, rate is 3.675, 26 more years to go with an amount of $593,000 remaining which is our only debt.
I'd probably keep paying off as scheduled.

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Re: What are my options with the current mortgage?

Post by LadyGeek » Wed Jan 09, 2019 9:46 pm

This thread is now in the Personal Finance (Not Investing) forum (mortgage).
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Re: What are my options with the current mortgage?

Post by sco » Thu Jan 10, 2019 7:42 pm

That amount of saVings would bother me. You aren’t going to catch up with that mortgage rate anytime soon with a savings account. I’d either have most of it invested or pay down/off the mortgage.


Does the mortgage balance bother you? It’s a good rate, but if it bothers you pay down 100k and see how it feels. It’ll save a bunch of interest.
Sleep on it all weekend, see how you fell, talk to the spouse, maybe send another 100k toward it.
Keep doing this till you both agree, that is far more important here, .

And as others said, nothing keeps you from paying extra monthly to have it paid off on whatever target payoff date you have. But if you are going to pay extra, pay extra early in the loan rather than in year 25. Study the amortization table for your numbers. An extra principal payment (look at the last payment) will save you that payments interest. It adds up when you get into bigger amounts and shaves years off..

Topic Author
worthit
Posts: 60
Joined: Tue Jun 19, 2018 2:10 pm

Re: What are my options with the current mortgage?

Post by worthit » Thu Jan 10, 2019 8:09 pm

Again, thanks for all the suggestions and recommendations. Lots of good options. I realize that the Interest rate is not so high to fret about it. Even though, I may have come off as being overly concerned, frankly, that is not what I intended to convey in posting my question. I am certainly not losing sleep over this - I have a lot to be thankful for and sleep well!! It is just that, I wanted to explore all the options available to me, so I can make a well thought out, educated decision.

Thank you.

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