Should I pay of my mortage?

If you can afford to pay it off I say go for it. You will lose the benefit of an income tax deduction for mortgage interest paid but this is peanuts compared to the amount of bank interest you will save. I paid mine off ahead of time and have never been sorry I did. A lot of the mortgage payment each month goes toward interest to the bank and not too much toward principal.

Pay off the debt first. That will save you interest on your mortgage.

I don't know how 401ks work (I'm an Aussie) so I suggest splitting what you contribute into your superannuation plan (I figure 401K is for retirement, right?) so that you get long term benefits for investing in that. The rest I recommend you invest in a mutual fund so that it's easily accessible when you want it for something. I recommend you go see a financial planner about this, as they will be able to recommend a really good product for your situation.

Splitting it up means you have some available if you decide you want to buy an investment property, or you need to pay unexpected medical bills, or something else happens and you find you need that money.

Clear the debt and save a long term expense, and then use that money to your advantage. Don't tie it all up in the one investment, because it doesn't spread your risk, limits your access to it, and means you don't get to enjoy returns you might otherwise make if you spread it around.

Best wishes

If you have a 30 year mortgage and your half way there, you paid about 70% in interest. Also, the interest you deduct when you do your taxes really does not give you more of a refund. Other words, if you were in the 30% tax bracket, you would only get back about $300.00 more. If you want to pay it off fine, but still treat it like a bill and pay it every month. Even if your employer match up to 6%, you could still lose due to how the stock market is.

Atleast if you put it in the bank, it's guaranteed to $100,000. I'm sure a lot will tell you that i'm crazy but the choice is still your at the end.

This is a great idea. I recently paid off a $49,000 balance on my mortgage and am wondering what I should do with the monthly mortgage payment I no longer have to pay. A great problem to have. Putting it into a 401k is a great idea. Plus, paying off that 6.5% mortgage is a great idea. Where else can you get a guaranteed 6.5% return on your money? That's what you'll save by paying it off. I would say good luck. But it sounds like you don't need it. You're off to a great start. Paid off home and a growing 401k. Take care.

Pay off the credit card. The interest on your mortgage is tax deductible, not so with the credit card interest. Then take the monthly payment that you used for your credit card and add that to your mortgage payment as additional principal. Depending upon your mortgage balance and other factors, just adding $50 a month can save you as much as $6,000 interest or more.

It is always worth doing if there is no other investment available that pays more than the 6.5% Getting out of debt and taking care of your future is a good thing.

Pay off the mortgage and any other debt that you might have!! With the exception of my house I am debt free and love every minute of it especially when other people sit and complain about credit card debt and keep using them.

depends on your age. you have the right idea. but remember, that money that you use to pay off your mortgage may serve you better if invested wisely elsewhere, but funding your 401K is a good move.

there are tax advantages to "not" paying off your mortgage that you can claim each year on your 1040, so don't pay it off or try to pay it off in one or two lumps. Pay it normally and get the advantages that are coming to you.

how come you have 401k, your loaded!!