I have $270,000 home mortgage balance. I just sold my business and enough to pay it off. Should I pay off?

Question

Then I'd like to apply for HELOC in case of future investment opportunity. Will it be wise thing to do?

Answer 1

The best thing to do is talk to a CPA.  If you pay off your mortgage, you will no longer have the interest write off on your taxes.....If that is important to you.

Answer 2

Absolutely do it, If you can.

You will pay 810,000 for your house over 30 years- vs paying it off now.

OMG you need to pay off your house, you will love it

Only downfall is the taxes to be paid on it, but otherwise you are doing great

Answer 3

First, how many years left are on the mortgage? Since interest is front loaded onto a mortgage, if you have say less than 10 years left on a 30 year mortgage, it may not make sense to pay off the mortgage since you will be paying very little interest. If you are only a few years into the mortgage and have enough living expenses and savings for emergencies, pay it off.

The one thing you want to think about though, depending on your investment strategy and age, is to invest it into mutual funds as borrowing money in the future will probably cost you a bit more than it will now.

Answer 4

1st, before you pay off your home mortgage, you should be sure that you have 3-6 months of living expenses saved up, just in case you were to get sick or lose your job.  Once you have this done, then sure, apply the balance to the mortgage.  Good luck.

Answer 5

I would pay off some of the mortgage but you might want to consider investing some of it in a very safe way.  Probably not in the stock market but there are other safe investments

Answer 6

  I wouldn't pay it all. Perhaps half of it and keep the rest for whatever. Savings account in the meantime.

Answer 7

PAY OFF A LOT OF IT BUT NOT ALL.