o/t financial ?'s -car fax

[p24-1953]

if you had the chance to sell your car to pay off your house would you?

i drive a 2003 ssr and it has a blue book value of 18-21k which would pay off my house, or should i just wait the 3 years. what would you do?

Edited September 19, 2010 by p24-1953

[greg g]

Do you claim the interest on you mortgage as a deduction on your income tax return??? Would no longer having this deduction change your income tax filing substantially.

would the lack of that deduction be enough to change your bracket???

What are the unintended consequences of no longer having a mortgage interest deduction.

[p24-1953]

isnt the mortage deduction minor typicaly compared to the intrest paid on a mortage?

[Plymouthy Adams]

I never found house interest of any benefit to anyone but the lender..if you have the means to liquidate the loan..I think you should go for it..I burnt my mortgage years ago..and many years ahead of schedule..war effort overtime put to good use..the projected interest that I saved would come close to buying another house..and as long as we are on the subject..I routed what was once the mortgage payment in an allotment straight to savings..so I basically still operate as making house payment..you'll never miss the money...

[Big_John]

I've paid my house off several times now. If you can do it, go for it. Once you've done that, you can always borrow against the house's value should you need cash for anything.

Myself, I have a line of credit using the equity in my house as collateral. I've used that on a couple of occasions for business investments that have done very well for me.

[Jerry Roberts]

isnt the mortage deduction minor typicaly compared to the intrest paid on a mortage?

In the last few years of a mortgage that is fully amortized , your loan payments go increasingly toward the loan principal and very little towards the interest . It is the interest portion that is deductable from your personal income taxes . When the loan is newer , most of the payment goes toward the interest . Take a look at the yearly statement and you can see how much interest you paid last year .

[Young Ed]

Jerry is right. I would think that in the last three years you'd have very little savings by paying it off early as the big interest payments come at the beginning.

[desoto1939]

I agree with the rest of the group. The house payment is the biggest ticket item that you have to pay. But if you are down to only three years left then you are paying more to the prinicpal then interest.

As I stated I have one more payment and then I am done. I have been paying extra each month for years onthe principal to get rid of this payment.

If you can payoff the house then go for it. After the house is yours then its only the taxes you owe.

I can not wait to burn the mortgage. I have made a copy of it and plan to have a party and every one thats there will have a copy to place in my firepit so they can get the feeling of burning the mortgage. In todays economic times getting rid of a payment is very smart and most people never get to see that happen they dream about it.

What ever you decide to do I wish you the very best.

The wood is already loaded into the fire pit OH HAPPY DAYS are getting closer!!!!!!

Rich HArtung:)

[BobT-47P15]

For several years, we paid some extra on the principal with each

payment. Then it got to a point we could go ahead and pay the

loan off a little early, but not a whole lot early. Anyway, these days

especially, it's nice to know you don't have to make that payment

and can use the money for something else including maintenance and

taxes.

[TodFitch]

...I have made a copy of it and plan to have a party and every one thats there will have a copy to place in my firepit so they can get the feeling of burning the mortgage. ...

Oh, so that is how you do it. Make a copy. Duh.

We never got the original back to burn, all we got was some paperwork that released the lien on the property as recorded on the county records. Didn't really want to burn the paperwork that showed the lien removed.

[greg g]

Another small concern is, what does not having any debt do to your credit score. As stupid as it sounds, clearing your incumberences kills your credit rating. Our house payment is our only debt aside from utilities, and stuff we put on credit cards to manage our cash flow. Once the house payment is gone, that will be the last indication of our ability to meet financial obligations, at least in the screwy system we have these days.

So no jobs, no car payment/s, no mortgage, no credit card debt = NO CREDIT go figure.

And as far as I have seen, the my word is my bond thing doesn't seem to cut it much these days.

retired with 2 years to go on the house note.

[claybill]

yes...sell it. you will save interest $$$. later buy another car..

bill