Re: paying off houses sooner
I'm in the boat of getting the mortgage paid off ASAP - I'm from Canada by the way.
It's a tax free guaranteed return. My mortgage was abit over 5% and at my marginal tax rate that works out to around 8% in pre-tax return. Also by paying it off I have all this AFTER TAX extra cash to invest each month.
In Canada, mortgage interest is not deductible. If it was like in the U.S., it would be a closer decision. Also being mortgage free is a great feeling. I know that if I lost my job tomorrow, it really would be no big deal. I like the security in that.
|