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96ukssob · 12-08-2010, 10:27 PM

Since you seem to be on the ball with finances and money, I'm questioning what my accountant told me (and this does not mean I need a new accountant).

I have a 30 year mortgage at 5.125%. If I pay an additional $94/mo it will get paid off 4 years and 1 month sooner. $194/mo will get paid 7 years 5 months sooner.

Personally, I think it would be best to pay it off quicker, no? I don't plan to live in this place until I die, most likely selling it in 7 or so years to move to a bigger place so I'd want to have as much equity as possible.

However, my accountant told me in doing so, I loose interest that I can claim each year, but I don't think that really matters unless I plan to live here for the next 29.5 years right?

12-08-2010, 10:27 PM
96ukssob So Fucking Banananananas Industry Role: Join Date: Mar 2003 Location: If I was in your ass you'd know it Posts: 12,991	Will76... financial question Since you seem to be on the ball with finances and money, I'm questioning what my accountant told me (and this does not mean I need a new accountant). I have a 30 year mortgage at 5.125%. If I pay an additional $94/mo it will get paid off 4 years and 1 month sooner. $194/mo will get paid 7 years 5 months sooner. Personally, I think it would be best to pay it off quicker, no? I don't plan to live in this place until I die, most likely selling it in 7 or so years to move to a bigger place so I'd want to have as much equity as possible. However, my accountant told me in doing so, I loose interest that I can claim each year, but I don't think that really matters unless I plan to live here for the next 29.5 years right? __________________ Email: Clicky on Me