Originally Posted By: Russ
We payed off the mortgage here due to the uncertainty of the next few years. Neither of us liked the way the economy was going and even with the theory that during inflationary times it is best to take a loan and pay it off with cheaper future dollars, what if the economy tanks and you can't make even the cheaper payment?

We decided that this could be the rainy day that rainy day funds are for and we payed off the mortgage. Major hit but monthly expenses immediately dropped and the future foreclosure threat is now gone.


We are doing the same thing for the same reasons. Don't have the funds to do it all at once, but with an additional amount automatically added each month, we will take 14 years and almost $50,000 of interest off of the original fixed rate 30 year mortgage. It will be payed off in 8 years instead of 22. We are playing it by ear for another 6 months. If it looks dicey at that time, we will liquidate our 401k (at the current tax rates) and pay off the mortgage.
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The man got the powr but the byrd got the wyng