Quote:
Originally Posted by phred68
The quick calculator I used says that if you apply an additional $500 payment a month to your current payment, you'll be paid off in 15 years, with a savings of $120,662. Use the entire $1000 a month, and your done in 10 years, and have saved $151,542.
30 year fixed, @6.25%, additional payment starting with payment 12
https://www.thinkbank.com/calculators/calc_mortgage.html |
Saved $120,00 in interest, but lost out on opportunity of $145,000 gain so you'd have ($25,000) less.
($500 per month at After-tax 6% = $145,000)
I'd say if your within 10years of retirement: pay $1,000 to the Mortgage,
If you've got greater than 10 years to go invest the money.