Outside of some rare and obtuse examples, I just don't see that being true

often enough for it to be a relevant argument.

I could see a case where maybe you already have north of 70% equity, then refi into an ultra-low interest rate mortgage where your taxes and insurance are more than your P&I. But for anyone in the first 15, maybe 20 years of their mortgage, that just ain't happening unless they got caught in some kind of extended red-hot housing market where their home value went up 3-5x in that timeframe.

In response to this post by EDGEMAN

Posted: 05/14/2021 at 12:34PM

True or false: once you pay off your house, your payment is now free money -- EDGEMAN 05/14/2021 10:07AM

Hundreds of extra $ every month, dude. Every. Month. ** -- BobG 05/14/2021 2:21PM

I don't look at it that way. My first home was paid off in 1988. I had -- JHHOKIE 05/14/2021 12:46PM

My taxes and ins are about $300 of a $1,900 payment ** -- fordham 05/14/2021 12:18PM

Your payment on mortgage should be lots higher than taxes and insurance. ** -- UTPr0sim 05/14/2021 11:29AM

It depends on how you structured your mortgage -- EDGEMAN 05/14/2021 12:16PM

Outside of some rare and obtuse examples, I just don't see that being true -- Tafkam Hokie 05/14/2021 12:34PM

And it was separate then and separate now. ** -- TomTurkey 05/14/2021 11:35AM

I'll use a similar statement to one I've used several times here -- RTFC 05/14/2021 11:21AM

For me, that's a good chunk of my retirement plan... -- JoesterVT 05/14/2021 10:58AM

Hookers ** -- bigbadbird 05/14/2021 10:54AM

False -- MEHOKIE 05/14/2021 10:52AM

Well the principal and interest payment is now available.. -- One4VT 05/14/2021 10:29AM

Well the P&I can now be directed elsewhere, certainly -- Beerman 05/14/2021 10:28AM

Tax deduction is gone for a lot of people -- Tafkam Hokie 05/14/2021 11:10AM

Never understood paying off house.That's cheap money. ** -- Stork 05/14/2021 10:17AM

You can still deduct the property taxes, so... -- EDGEMAN 05/14/2021 12:11PM

Yeah, that's a decision I can make when I retire (in 10-12 years). -- Tank 05/14/2021 11:49AM

Based purely on math, you are correct. -- Tafkam Hokie 05/14/2021 10:54AM

Yep, the peace of mind is worth way more ** -- Hokerer 05/14/2021 11:10AM

All the money I made earning well beyond 4% loan and tax -- Stork 05/14/2021 11:35AM

So, by that theory, you should probably refi your house -- GobblerCE 05/14/2021 4:40PM

So as people approach the end of their 30 year mortgage, you recommend... -- EDGEMAN 05/14/2021 12:12PM

You should also take out the biggest HEL a bank is willing to give you -- Tafkam Hokie 05/14/2021 12:24PM

I prefer to NOT take out a loan to just invest in the market -- EDGEMAN 05/14/2021 12:26PM

Probably worth mentioning I'm debt free not because I paid off my mortgage -- Tafkam Hokie 05/14/2021 11:50AM

Still you could have chosen to get a mortgage and didn’t -- Tombo 05/14/2021 1:27PM

Yup, paid off my mortgage in March. Zero debt = freedom.** -- HokieJay 05/14/2021 11:35AM

Outside of some rare and obtuse examples, I just don't see that being true

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