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.

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.

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 ?

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.

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

No one regrets paying off their house.

A lot of people regret not doing it sooner.

You have to find out how much interest its making you sitting there before you decide what to do.

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?

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

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.

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.

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.

Pay Off The House!!!!

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..... pm me......

That 65K payoff really gonna cost 80-90K when you pay taxes?

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,

I’d pay it off and put the house payment every month in savings or in to your retirement fund.

Damn good move pal.... heck yeah...

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.

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