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Hello, I have a rental property with a 6.25 30 year mortgage. I have 22 years left on mortgage and owe 40,000. Should I pay off mortgage and

enjoy cash flow or continue to make mortgage payment and have interest write off? Thanks

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  Answers  |  2

September 25, 2014

I did not get the continuation of the question. However, if the issue is paying-off the mortgage, it is always a wise financial plan to be debt free, including debt on your mortgage. Whatever, you can free up from your debts can be earmarked for your savings for retirement. There is no doubt that saving early with the principle of compounding interest earns your significant funds in the future.

$commenter.renderDisplayableName() | 10.22.20 @ 03:30


October 13, 2014

Hi - You have the best kind of money working for you - OPM - Other People's Money! Your renter is making the mortgage payment for you and Uncle Sam chips in too by allowing you to deduct all of the costs of the rental against the rental income and you keep the increase in property values. In every case it's a "win-win-win" for you, the owner. As long as the property is rented and maintained, I wouldn't change a thing.

$commenter.renderDisplayableName() | 10.22.20 @ 03:30