pay mortgage early vs retirement savings calculator?
Is there a calculator online that will give a graph or chart to a user comparing whether it is better to pay off a mortgage early or to invest in retirement?
Is there a calculator online that will give a graph or chart to a user comparing whether it is better to pay off a mortgage early or to invest in retirement?
December 31st, 2009 at 7:27 am
Why not do both? You don’t want to be one of those people who paid off their house but has zero retirement savings.
December 31st, 2009 at 7:27 am
it’s never a good idea to pay off a mortgage early. the house could go down in value..
December 31st, 2009 at 7:27 am
Call your mortgage co., and request an amortization. It will give you a break down between interest/principal. If you have a 30 year fixed rate mortgage, you pay about 70% in interest on the first 15 years. That’s how banks make their money. As far investing, keep away from the stock market. You can invest in fixed annuities. It might only pay about 5 or 6%, but you can’t lose.