Should I prepay my mortgage?
Interest rate is fixed @ 5.5% for 30 years.Maxing out on 401k and have emergency funds in place. Base mortgage payment is $1,192, currently paying $1,800 and thinking of increasing to $2,500.Current balance is $122k and if I stay at $1,800, will have it paid off in 7 years. $2,500 = 5 years.I'm also thinking that the savings is more than the interest. It will be two years of my current $1,800 payment that we will stop paying sooner rather than later. My only concern is the loss of tax deduction - around $7k+ paid in interest per year. Should I prepay anyway?
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