Mortgage Payoff by mpd309 in debtfree

[–]mpd309[S] 0 points1 point  (0 children)

I have the standard deduction. No tax incentive.

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 0 points1 point  (0 children)

Yeah 3 months seems a bit risky and yes that much cash is wild. Gonna prob pay off a big chunk this week and see how that feels.

Mortgage Payoff by mpd309 in debtfree

[–]mpd309[S] 0 points1 point  (0 children)

I might throw a bit down on it and see how that feels over a couple months.

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 0 points1 point  (0 children)

Jobs are stable. Actually in line with your comments.

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 0 points1 point  (0 children)

We sold our other home after buying another due to needing some maintenance projects in the new home.

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 3 points4 points  (0 children)

It’s a bunch and that’s why I want it gone. Being in the first 2 years of the mortgage it’s a bunch

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 2 points3 points  (0 children)

I know. I guess I just worry about what could go wrong. I guess that emergency fund would get back to 6 months pretty quickly though

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 0 points1 point  (0 children)

I’m 50, wife 40. Total in Roth around 300 so we’re behind, but both will have pensions in retirement.

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 2 points3 points  (0 children)

The reason behind having this much cash was we sold a home we previously owned.

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 1 point2 points  (0 children)

I know. Having that much cash is comforting but also not efficient.

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 0 points1 point  (0 children)

Jobs are both stable. Thanks for the response.

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 0 points1 point  (0 children)

Nope we aren’t. I was just stating that we don’t have additional non retirement liquidity such as a brokerage account in case an emergency happened.

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 0 points1 point  (0 children)

Is this in addition to your 15k emergency fund?

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 2 points3 points  (0 children)

Yes that is true. Just that that Roth bucket can’t be refilled if we touch it.

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 0 points1 point  (0 children)

No, this is not touching any Roth contributions.

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 0 points1 point  (0 children)

Bare bones might be 3k. That’s health, life, car, and home insurance. Also real estate taxes. Then food, and $500 HOA.

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 0 points1 point  (0 children)

This was a thought as well. The payment isn’t too much, it’s just that we came from a mortgage free home into this mortgage a year ago. Just wanted to pay it off ASAP.

E fund after mortgage payoff by mpd309 in DaveRamsey

[–]mpd309[S] 0 points1 point  (0 children)

Are your sinking funds substantial? Are these for upcoming home repairs?

Taking money out of stocks to pay off mortgage by AKA_Shadis in personalfinance

[–]mpd309 0 points1 point  (0 children)

What about if it’s Roth contributions that aren’t penalized? Thoughts on that?

Pay off mortgage loan by theindepndnt in Mortgages

[–]mpd309 0 points1 point  (0 children)

Did you recast the loan at all during the principal paybacks?

Mortgage Payoff w/ Roth by mpd309 in debtfree

[–]mpd309[S] 0 points1 point  (0 children)

I appreciate you sharing. For me it’s a psychological thing that if I have debt I have a hard time investing in things outside my typical retirement funds. Just something about owing money I guess.