I'm currently sitting on enough cash to pay off my mortgage, and wonder if that is a good move in this current environment? Seems that the market is giving me poor to no returns elsewhere, so why not pay off this debt. BTW it wouldn't make me cash poor to do so.
Thanks for your insights!
If you don’t mind our asking, what is your interest rate and how many more years does your note run?
See PM.
As Obama says, "Share the wealth."
/sarc>
Cheers!
I am in the exact same position as you are except I only have $80k remaining. I am choosing to pay it off. The falling dollars means they are getting less value where I’ll end up with a solid asset. I am also prepaying five years of property taxes.
Strongly consider NVDave’s suggestions especially “would losing the mortgage interest deduction (if you take it) raise your tax bracket or cause you to lose other deductions?”
For that very reason I am making two payments to the mortgage company. 50% this year and 50% in January.