Loan Modification - Free Foreclosure Help - Help Stop Foreclosure » Help Stop Foreclosure - Loss Mitigation Help » Help Stop Foreclosure » Should I prepay my mortgage?

Help Stop Foreclosure Chat about everything Mortgage related. our staff are ready to answer any Mortgage questions you may have. All advice is free.

Short Sale    Loan Modification    Loss Mitigation Training    Short Sales Training
Reply
  #1 (permalink)  
Old 09-27-2010, 08:58 AM
Junior Member
 
Join Date: Sep 2010
Posts: 1
Default 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?
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On




All times are GMT -4. The time now is 06:16 AM.
Powered by vBulletin® Version 3.6.7
Copyright ©2000 - 2012, Jelsoft Enterprises Ltd. Free Foreclosure Help