I bought a new car during the covid thing. We were going to buy it outright. But the dealer offered 0% financing as they were not able to sell many cars. That was great.
'Bidness' news channel says the majority is now mortgage free.....
- Thread starter Cranky
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I bought my Hellcat Charger from a dealer in PA during covid. At that time, they could not sell to people in-state, but since I was out of state, no problemo. Because they were dying to make any sale, I got a VERY good deal on the car.
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We can pay our property taxes on a quarterly basis......did that for a bit a few years ago.
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Our home is paid for, Our rental only has 5yr left but it floats itself after all expenses we net $123 per month lol.
It was better but taxes and insurance have kept chipping at the return.
We have no other debt.
I have been kicking around the thought of selling the rental on contract with property values still up and interest up it may be the time.
It was better but taxes and insurance have kept chipping at the return.
We have no other debt.
I have been kicking around the thought of selling the rental on contract with property values still up and interest up it may be the time.
summer and winter taxes here in michigan got re assesed this year because of new shop went up nearly 40% 
The reason it took so long is I bought my present house at 42 so I figure 15 years was pretty good
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I have a mortgage on my primary residence. Bought it 12 years ago, 4.0%. Owe right around $200k; current zillow is $585k. The mortgage was just sold and I keep getting mailers (2 or 3 a month) from the new company, trying to snag me in a HELOC - I bet they want that, my rate is so low right now they need to try and make SOMETHING off me!!
I have a rental duplex, free and clear (bought as a foreclosure - stole it for $74k and renovated it with my own 2 hands). Current zillow on it? $274k, with a "- bd" classification (they don't know it has 4 bedrooms to go with the 2 bathrooms).
Rent on the 2 units pays 80% of my mortgage every month (net after sewer, prop tax, and insurance). Gross, it's a wash...but dad was a CPA and taught me the difference between gross and net, so I know to set some aside every month for the (non-escrowed) bills and I keep ahead of it.
I have debated - and am still doing so - selling the rental and paying off my mortgage. However...I'd lose the deductions for both my primary mortgage interest, and the rental property tax and utilities deduction, as well as any associated business expenses (repairs, exterminators, etc). And I'd have to pay capital gains tax on the amount I get from the sale, unless I invest it in another property (and at today's rates, if I can't pay cash for it...I don't think I wanna do that). But, I'd also lose the rent income, so my tax liability would be less.... I have to sit and do the math. The idea of "no mortgage payment" is appealing...but I have to balance the deductions I'd be losing, as well as the cap gains tax, and figure my primary residence prop taxes and insurance as a bill instead of "invisible" escrow...ugh.
I could potentially sell the current rental, pay off my mortgage...and invest the balance in another rental (also thereby eliminating some of the cap gains tax)...but these days, I wouldn't get much for $75k. Hell, I didn't get much for $74k a dozen years ago...but I was a dozen years younger, and the renovations were "easy" and "fun" (and cheap, especially compared to today's materials prices!).
In the end (hate to say it), I'll end up with mom's (free and clear) FL home. She's so ornery though, she'll be with us for another 20 years (she's 87 now)...so I don't bank on that for any of these calculations. But when that time comes, it'll pay for my hundreds-of-acres, ****-the-world, retirement and move to someplace like South Dakota. I can't stand FL - nice to visit, but that's about it for me - and her HOA would NOT like my vehicle collection (and 8 cars / 6 motorcycles aren't fitting in a 2 car garage)....so either it's getting rented, or sold, when the time comes.
I have a rental duplex, free and clear (bought as a foreclosure - stole it for $74k and renovated it with my own 2 hands). Current zillow on it? $274k, with a "- bd" classification (they don't know it has 4 bedrooms to go with the 2 bathrooms).
Rent on the 2 units pays 80% of my mortgage every month (net after sewer, prop tax, and insurance). Gross, it's a wash...but dad was a CPA and taught me the difference between gross and net, so I know to set some aside every month for the (non-escrowed) bills and I keep ahead of it.
I have debated - and am still doing so - selling the rental and paying off my mortgage. However...I'd lose the deductions for both my primary mortgage interest, and the rental property tax and utilities deduction, as well as any associated business expenses (repairs, exterminators, etc). And I'd have to pay capital gains tax on the amount I get from the sale, unless I invest it in another property (and at today's rates, if I can't pay cash for it...I don't think I wanna do that). But, I'd also lose the rent income, so my tax liability would be less.... I have to sit and do the math. The idea of "no mortgage payment" is appealing...but I have to balance the deductions I'd be losing, as well as the cap gains tax, and figure my primary residence prop taxes and insurance as a bill instead of "invisible" escrow...ugh.
I could potentially sell the current rental, pay off my mortgage...and invest the balance in another rental (also thereby eliminating some of the cap gains tax)...but these days, I wouldn't get much for $75k. Hell, I didn't get much for $74k a dozen years ago...but I was a dozen years younger, and the renovations were "easy" and "fun" (and cheap, especially compared to today's materials prices!).
In the end (hate to say it), I'll end up with mom's (free and clear) FL home. She's so ornery though, she'll be with us for another 20 years (she's 87 now)...so I don't bank on that for any of these calculations. But when that time comes, it'll pay for my hundreds-of-acres, ****-the-world, retirement and move to someplace like South Dakota. I can't stand FL - nice to visit, but that's about it for me - and her HOA would NOT like my vehicle collection (and 8 cars / 6 motorcycles aren't fitting in a 2 car garage)....so either it's getting rented, or sold, when the time comes.
I always thought the mortgage interest deduction was needed to help reduce your taxes. After doing my 2022 taxes, I did the math calculations. I was saving on my taxes, but was paying more in interest then the savings. The mortgage deduction was ment to help people affoard a mortgage that other wise may not be able to. I paid mine off. Not only is it nice to have that burden removed, but you will end up with more money in your pocket.
hdwrench
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we have a small mortgage left on our place . paying extra on it we’ll be done in a few years . the good news is our place is valued way more then out investment. i have a few years to retire again ( if i choose to see it thru) and the wife is not far behind . we should be in great shape by retirement time !!
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I've had the same mortgage holder since I refinanced at 3.5% in 2011. I get a HELOC offer from them at least once a month, last one was 9.9%. The interest portion of my last mortgage payment was $135. In two years, they won't be making a dime on me.
My attorney, whose client base is heavily entrenched with long term Penn State employees, had pointed out to me that my situation is not typical in my community. Although they have great benefits and retirement plans, the academics tend to live on their home equity. Business types like myself do the opposite.
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I did a HELOC when I got married. Biggest mistake of my life (take your pick). I was in great shape on my house, then I married her...and (being a good husband with no debt other than my mortgage) I took the HELOC to pay off her cards. And her car payment. And her student loans. "We" wanted to be debt free.
Just about doubled my mortgage payment...all for a marriage that lasted less than 5 years.
Never again. (Again - take your pick).
I have massive equity in the house now (different house - the one I HELOC'd, I rented out for a few years then finally sold), and would love to build a large shop with a lift...but I won't do it. Not like that. I'm too old to start loans like that anymore!
Some Car Guy
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At 2.75% we absolutely will not be paying it off early.
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No...I was stupid.
I "consolidated" debt, so SHE could be debt-free, and WE would "share" the payments.
Young, stupid, and in love. Fat lotta good that did me.
cr8crshr
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I get HELOC solicitations constantly both by mail and email. They go into the "File #13" Round Circular Out Basket at every turn. Even the unsolicited phone calls that frequently call to get me to tap into my equity, I make sure to ask why would I want to do that. Responses go from...Think what you can do with that $$$...vacations, new car, blaza blaza. I tell them that is what got us into the 2008 debacle in the first place. Just does not register with these sorts...cr8crshr/Bill 
YY1
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Interesting.
I have not seen a refi or heloc commercial for over a decade, and I've never been directly solicited for either.
Now, "get this credit card", or "sell me your house", I could possibly actually build a house with all the wood they used for the amount of mailers I get.
I have not seen a refi or heloc commercial for over a decade, and I've never been directly solicited for either.
Now, "get this credit card", or "sell me your house", I could possibly actually build a house with all the wood they used for the amount of mailers I get.
I got a HELOC 25 years ago for emergencies only. Never used it for anything. Then the bank wanted to get out of HELOCs and they paid me $1,200 to close it. 
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