payoff mortgage

[LivingAlmostLarge]

Absolutely no as well if it means cashing in retirement.

[rockrv22]

Not gonna get into my retirement savings!!! Just wanna get this paid off!!!

[rockrv22]

Paid an extra $1500 this month!!

[TexasHusker]

It all depends on how you look at money.

I have a rule that, as long as I can borrow for less than 5% APR, I will finance whatever I can, whenever I can, for as long as I can.

That's because my assets can earn considerably more than that when they are invested appropriately.

When I have enough equity built up in a mortgage, I will generally do a cash-out refinance to pull the equity out and put the equity to use somewhere.

There is mental health value in having a paid-off mortgage. Those folks are working fervently to borrow as little as they can for as short a term as they can. That would be the antithesis of me.

[rockrv22]

Are there any other good ways to knock the mortgage out fast?

[Jluke]

Are there any other good ways to knock the mortgage out fast?

ignore your mortgage and focus on your 401k.

how close is 7% to $18,000?

If you contribute more to the 401k, you actually decrease your AGI come tax time = less taxes due and more money in your retirement (assuming you are at least 25% tax bracket).

Either way, you are putting money somewhere that you cannot access it for a while (house or 401k).

[scfr]

Are there any other good ways to knock the mortgage out fast?

I don't know if this qualifies as "fast" but the tried and true ways are to either: 1) cut expenses elsewhere and use the savings to pay down the mortgage, or 2) bring in extra income and use that income to pay down the mortgage, or 3) do both of these things.

The holiday season, which is getting in to full swing, offers some opportunities to do both.

[msomnipotent]

I would start saving for new vehicles instead of paying off the mortgage. I know you didn't ask about it, but if you have a truck loan, you aren't paying cash for a depreciating asset.

[rockrv22]

To be honest the truck was paid off. Borrowed against it to build a new barn. Lot lower interest that way. 2.5%. House is more than that. So wanna knock that out.

[scfr]

Here is an article that you may find interesting, which is an expansion of the suggestions I already posted:

http://clark.com/personal-finance-credit/paid-off-86000-mortgage-early-fast/?utm_campaign=trueanthem%3A+trending+content&utm_content=5a06ae0d9ebbef00073aa50f&utm_medium=trueanthem&utm_source=facebook

Might not be the quick/easy fix I suspect you are looking for, but one thing I will add is that once you start attacking the mortgage paydown and have taken the first steps, you may find that it does start to get a bit easier as time goes on (it did for me).

[rockrv22]

Thanks for the article!! We are working on knocking out the debt!! This helps!!