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Should I, or should I not? #3188295
08/10/20 08:11 PM
08/10/20 08:11 PM
Joined: Dec 2000
Posts: 1,414
Cullman,Al.
F
fingers Online IMG_0051.GIF OP
8 point
fingers  Online IMG_0051.GIF OP
8 point
F
Joined: Dec 2000
Posts: 1,414
Cullman,Al.
Been throwing around the idea of taking money out a fund I have at work and paying off my house. There are no penalties but of course I would have to pay taxes on it. I have no idea what I am making on that money, I rarely check it. It would be around 65K. I currently have about five and a half years left on my mortgage but I am kinda worried what is going to happen in November. My mortgage is my only real debt. I would still have money in that account and could continue to contribute into it.

Re: Should I, or should I not? [Re: fingers] #3188296
08/10/20 08:14 PM
08/10/20 08:14 PM
Joined: Dec 2010
Posts: 17,308
lat 34.09 long -86.13
metalmuncher Offline
Old Mossy Horns
metalmuncher  Offline
Old Mossy Horns
Joined: Dec 2010
Posts: 17,308
lat 34.09 long -86.13
Pay off the house, eliminate the interest and double down on what you save. I like it.

Edit; As long as you still have some liquid assets.

Last edited by metalmuncher; 08/10/20 08:15 PM.
Re: Should I, or should I not? [Re: fingers] #3188297
08/10/20 08:14 PM
08/10/20 08:14 PM
Joined: Jul 2011
Posts: 37,666
Boxes Cove
2Dogs Offline
Freak of Nature
2Dogs  Offline
Freak of Nature
Joined: Jul 2011
Posts: 37,666
Boxes Cove
If you're still working and not having problems making the payments , hold pat. I guess we need to know your interest rate, but at your point most $ is going to principal . How long till retirement ?

Last edited by 2Dogs; 08/10/20 08:20 PM.


"Why do you ask"?

Always vote the slowest path to socialism.







Re: Should I, or should I not? [Re: fingers] #3188298
08/10/20 08:15 PM
08/10/20 08:15 PM
Joined: Dec 2005
Posts: 2,043
NW Florida
F
fireman176 Offline
8 point
fireman176  Offline
8 point
F
Joined: Dec 2005
Posts: 2,043
NW Florida
Id be concerned about stock market crash. You would be able to payoff home, save the money you were paying for house payments. Talk to a CFP.


Is it Hunting Season Yet?
Re: Should I, or should I not? [Re: fingers] #3188301
08/10/20 08:17 PM
08/10/20 08:17 PM
Joined: Mar 2018
Posts: 16,939
Banana Republic
jb20 Offline
Old Mossy Horns
jb20  Offline
Old Mossy Horns
Joined: Mar 2018
Posts: 16,939
Banana Republic
I would pay it off as long as u still have a good emergency fund in place...i think there is gonna be some tough times ahead that nobody can calculate exactly even a cfp...i went to college to be a financial planner and trust me they don't know either


They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety.
Ben Franklin
Re: Should I, or should I not? [Re: fingers] #3188302
08/10/20 08:19 PM
08/10/20 08:19 PM
Joined: Nov 2017
Posts: 1,759
Al
B
Broadhead26 Offline
8 point
Broadhead26  Offline
8 point
B
Joined: Nov 2017
Posts: 1,759
Al
No one regrets paying off their house.

A lot of people regret not doing it sooner.

Re: Should I, or should I not? [Re: fingers] #3188307
08/10/20 08:22 PM
08/10/20 08:22 PM
Joined: Feb 2015
Posts: 2,177
Eastbound and Down
dead_eye Offline
8 point
dead_eye  Offline
8 point
Joined: Feb 2015
Posts: 2,177
Eastbound and Down
You have to find out how much interest its making you sitting there before you decide what to do.

Re: Should I, or should I not? [Re: fingers] #3188310
08/10/20 08:23 PM
08/10/20 08:23 PM
Joined: Jan 2014
Posts: 10,555
Scottsboro, Al
J
jbatey1 Offline
Lucky Bastage
jbatey1  Offline
Lucky Bastage
J
Joined: Jan 2014
Posts: 10,555
Scottsboro, Al
This same thing has crossed my mind lately. I could pull money and pay my house off, but I don't want to drain accounts. Also, I don't like the thought of no having the amount of money that I currently have saved, saved. As weird as that it. I think I'll sit tight on it for a little while and see how I start feeling about it.

Also, as part of the coronavirus relief, Aren't they allowing people to withdraw from retirements with out being penalized or etc for it?


The fool tells me his reasons; the wise man persuades me with my own.
Re: Should I, or should I not? [Re: dead_eye] #3188311
08/10/20 08:25 PM
08/10/20 08:25 PM
Joined: Mar 2018
Posts: 16,939
Banana Republic
jb20 Offline
Old Mossy Horns
jb20  Offline
Old Mossy Horns
Joined: Mar 2018
Posts: 16,939
Banana Republic
Originally Posted by dead_eye
You have to find out how much interest its making you sitting there before you decide what to do.

In a normal world yes...this isn't normal, stocks will continue up based on money n u may have more but the irony is money is being devalued and were at a point debt bubble is gonna burst...yall trust me on this...i can't say when but it will


They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety.
Ben Franklin
Re: Should I, or should I not? [Re: jbatey1] #3188312
08/10/20 08:27 PM
08/10/20 08:27 PM
Joined: Jul 2011
Posts: 37,666
Boxes Cove
2Dogs Offline
Freak of Nature
2Dogs  Offline
Freak of Nature
Joined: Jul 2011
Posts: 37,666
Boxes Cove
Originally Posted by jbatey1
This same thing has crossed my mind lately. I could pull money and pay my house off, but I don't want to drain accounts. Also, I don't like the thought of no having the amount of money that I currently have saved, saved. As weird as that it. I think I'll sit tight on it for a little while and see how I start feeling about it.

Also, as part of the coronavirus relief, Aren't they allowing people to withdraw from retirements with out being penalized or etc for it?


I read some fine print on that pulling up to 100K out without penalty . You have to have been affected by the virus, lose job, long furlough , etc. I wanted to move 100 out of mine , but after checking I felt like I wouldn't meet the requirements . You just can't do it because you want to.



"Why do you ask"?

Always vote the slowest path to socialism.







Re: Should I, or should I not? [Re: fingers] #3188314
08/10/20 08:31 PM
08/10/20 08:31 PM
Joined: Aug 2014
Posts: 603
montgomery
W
woodleyrd Offline
4 point
woodleyrd  Offline
4 point
W
Joined: Aug 2014
Posts: 603
montgomery
We just refinanced our house, 2.67% interest, no cash out, lowered payments $400.00/month. Was able to keep all money our in savings/retirement, earning more interest than paying on the mortgage.

Re: Should I, or should I not? [Re: fingers] #3188325
08/10/20 08:50 PM
08/10/20 08:50 PM
Joined: Dec 2000
Posts: 1,414
Cullman,Al.
F
fingers Online IMG_0051.GIF OP
8 point
fingers  Online IMG_0051.GIF OP
8 point
F
Joined: Dec 2000
Posts: 1,414
Cullman,Al.
My interest rat is 3.5%. I actually can retire now but I probably will hang around about 4 more years to be able to afford health insurance.

Re: Should I, or should I not? [Re: fingers] #3188328
08/10/20 08:55 PM
08/10/20 08:55 PM
Joined: Feb 2014
Posts: 4,609
miss'ippi state
D
donia Offline
10 point
donia  Offline
10 point
D
Joined: Feb 2014
Posts: 4,609
miss'ippi state
Pay Off The House!!!!


experience is a freakin' awesome teacher....
Re: Should I, or should I not? [Re: fingers] #3188330
08/10/20 08:57 PM
08/10/20 08:57 PM
Joined: Sep 2012
Posts: 15,737
ArmPit of the south
D
DeerNutz0U812_ Offline
Old Mossy Horns
DeerNutz0U812_  Offline
Old Mossy Horns
D
Joined: Sep 2012
Posts: 15,737
ArmPit of the south
Ride it out fingers lol, as long as you can and have a job.... keep making them payments cause with 5 yrs left on ur mortgage you aint gonna save much I bet.....if you take any money out it needs to be for a piece of ground you and I can harvest a mature buck on..... shocked pm me...... smile


Did you know that Beer Nutz are over a Dollar...and Deer Nutz are under a Buck...


Re: Should I, or should I not? [Re: fingers] #3188333
08/10/20 09:03 PM
08/10/20 09:03 PM
Joined: Jul 2011
Posts: 37,666
Boxes Cove
2Dogs Offline
Freak of Nature
2Dogs  Offline
Freak of Nature
Joined: Jul 2011
Posts: 37,666
Boxes Cove
That 65K payoff really gonna cost 80-90K when you pay taxes?



"Why do you ask"?

Always vote the slowest path to socialism.







Re: Should I, or should I not? [Re: fingers] #3188343
08/10/20 09:12 PM
08/10/20 09:12 PM
Joined: Jul 2014
Posts: 153
Huntsville
D
Dave_H Offline
3 point
Dave_H  Offline
3 point
D
Joined: Jul 2014
Posts: 153
Huntsville
I'd look at the tax impact - early withdrawal penalties and other financial impacts. If the impacts were minor I'd pay it off. If the market tanks again, you'll still be paid off. Take your mortgage payment and replace what you took out of your savings,

Re: Should I, or should I not? [Re: fingers] #3188348
08/10/20 09:15 PM
08/10/20 09:15 PM
Joined: May 2015
Posts: 4,405
Calhoun County
jrs89 Offline
10 point
jrs89  Offline
10 point
Joined: May 2015
Posts: 4,405
Calhoun County
I’d pay it off and put the house payment every month in savings or in to your retirement fund.

Re: Should I, or should I not? [Re: woodleyrd] #3188349
08/10/20 09:15 PM
08/10/20 09:15 PM
Joined: Sep 2012
Posts: 15,737
ArmPit of the south
D
DeerNutz0U812_ Offline
Old Mossy Horns
DeerNutz0U812_  Offline
Old Mossy Horns
D
Joined: Sep 2012
Posts: 15,737
ArmPit of the south
Originally Posted by woodleyrd
We just refinanced our house, 2.67% interest, no cash out, lowered payments $400.00/month. Was able to keep all money our in savings/retirement, earning more interest than paying on the mortgage.
Damn good move pal.... thumbup heck yeah...


Did you know that Beer Nutz are over a Dollar...and Deer Nutz are under a Buck...


Re: Should I, or should I not? [Re: 2Dogs] #3188375
08/10/20 09:44 PM
08/10/20 09:44 PM
Joined: Apr 2015
Posts: 5,588
Lee County, Alabama
dBmV Offline
12 point
dBmV  Offline
12 point
Joined: Apr 2015
Posts: 5,588
Lee County, Alabama
Originally Posted by 2Dogs
That 65K payoff really gonna cost 80-90K when you pay taxes?

This is your answer. Tax hit will kill any benefit you see from early pay off. If your scared of what "might" happen, take it all out and bury it in the back yard.


What you do today, you have to sleep with tonight.
Re: Should I, or should I not? [Re: fingers] #3188377
08/10/20 09:44 PM
08/10/20 09:44 PM
Joined: Feb 2009
Posts: 4,274
Ramer
ronfromramer Offline
10 point
ronfromramer  Offline
10 point
Joined: Feb 2009
Posts: 4,274
Ramer
The taxes will probably cost you more than the interest you'll pay on the mortgage plus you might have to pay 10% early withdrawal penalty depending on your plan. Paying off a low interest rate mortgage is not always the best plan

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