Pay off mortgage? - Help.com



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Pay off mortgage?

I have an interest rate of 4.75% with 20 years left on my mortgage. Should I pay an extra $1000 per month cutting the time to pay it off in 10 years or should I rent the house out and let the renters pay for 20 years and me get a another home to live in so that when I retire, I’ll have rental income. ???

This open post was written 2 weeks, 5 days ago | V/U/S: 35, 1, 2 | Edit Post | Leave a reply | Report Post


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2d20 online Verified User (3 weeks) Shouts: 175 #
An Unknown Location | 2 weeks, 5 days ago (12 minutes after post)

Why not pay the extra 1k/month, gain equity, leverage it to purchase another home free and clear and THEN rent your existing home and let them pay your new mortgage?

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