should I use my IRA saving to payoff mortgage

**disneysteve** · 06-15-2011, 12:52 PM

Welcome. Tell us more about your situation. Are you retired or still working? Do you need this IRA money to fund your retirement or do you have other resources for that purpose?

**Slug** · 06-15-2011, 02:43 PM

What's the rate on your mortgage?

**mcfroggin** · 06-15-2011, 05:39 PM

Originally posted by Slug View Post

What's the rate on your mortgage?

I'm not sure it would be worth pulling from an IRA unless the rate is REALLY bad. It would probably be worth refinancing before pulling from an IRA.

**Angio333** · 06-15-2011, 07:34 PM

Are you able to make the payments?

Unless there are extreme circumstances, I would say no. Since you are 67, it would take too much of your retirement savings.

**jpg7n16** · 06-15-2011, 08:50 PM

Originally posted by jwlud View Post

Mortgage bal; $46,000
IRA Bal: $90,000
AGE: 67
Monthly Morgage:$800
Months remaining on mortgage: 48

Umm... 48 payments of $800 = 48 * 800 = $38,400

That won't even pay off the loan without interest. Does this have a balloon payment at the end?

**snafu** · 06-15-2011, 08:53 PM

I have more questions. Why are you wanting to pay off your mortgage at this point? How much interest will you save over 48 months? Can you re-allocate income to pay extra dollars directly to your mortgage principal? Does the lender//your contract allow balloon or extra payments?

should I use my IRA saving to payoff mortgage