In this community, I’ve noticed many members deal with mortgages while prioritizing the fast repayment of high-interest debts like credit cards and student loans. I recently cleared my student debt, which averaged around 4.5%. Currently, I have a mortgage with a rate of 4.9%. Since I tackled my lower interest debt aggressively, I feel that my mortgage behaves similarly to high-interest debt, prompting me to consider paying it off more vigorously instead of just putting money into post-tax investments. If you were in my situation, how would you handle it? What mortgage interest rate would motivate you to pay it down aggressively, and to what extent?
That’s an interesting question! Have you considered how your long-term investment goals fit into this strategy? Sometimes, the opportunity cost of not investing those extra funds might be worth considering, especially with the potential for market growth. Anyone else thinking about balancing aggressive mortgage payoffs with saving for the future?