Mysunsai t1_jecpemt wrote on March 31, 2023 at 1:25 AM

Cash is paying more than 3.9% right now, there’s no reason at all to consider paying that loan down.

edtb t1_ject2zn wrote on March 31, 2023 at 1:53 AM

Stress levels. It's a huge mental burden removed when you pay it off. It gives financial freedom of some sorts. My plan was to pay off my house and quit my job and find something easier on my body. Paying off my mortgage allowed me to financially be able to take any position I wanted even if it was a pay cut. It was about 30k but it was less of a burden and my quality of life is substantially better. At 47 yo it gives him the financial freedom to do whatever he wants. He already has a mm plus in retirement. He couldn't retire early of he wanted without the worry of a house payment.

InteriorAttack t1_jecvhma wrote on March 31, 2023 at 2:12 AM

> It's a huge mental burden removed when you pay it off

To someone. IDGAF about my 3% mortgage. I'll happily pay that forever.

cashc0ww t1_jed7lc1 wrote on March 31, 2023 at 3:55 AM

OP just as a hypothetical: you could buy a 30Y Treasury yielding 3.746% today and you'd make almost as much interest than what you'd be charged on your mortgage (3.9%).

In other words, you have a pretty good rate considering current rates. From a strictly numbers standpoint there is no need to pay it off quickly

cashc0ww t1_jed7yat wrote on March 31, 2023 at 3:59 AM

Another thing to consider is the tax benefit you get by contributing to your 401k. Depending on your tax rate it could easily mean thousands of dollars if you're maxing it. You'd have to calculate it with your #s but it could be higher than what you could save by using that same $ to pay off your mortgage