Ask a Fool: Should I Pay Off My Mortgage Early?

In the video below, Motley Fool senior editor Dayana Yochim sits down with Robert Brokamp, senior advisor for The Motley Fool's Rule Your Retirement service, to take a question from a Fool reader, who writes, "Does it make sense to pay off the mortgage in five years or keep it for 30 years with these low rates?"

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  • Report this Comment On June 07, 2013, at 12:39 PM, klebad wrote:

    This was one of the better responses to the 'pay off the mortgage' question. I paid mine off 10 years ago and enjoyed the security of owning my home since then and into retirement soon. I also gained the flexibility of using what had been the mortgage payment to begin investing in stocks and even subscribing the Motley Fool services.

  • Report this Comment On June 07, 2013, at 9:03 PM, cyclelogical wrote:

    If you're keeping the mortgage to get the tax deduction: You're paying $1 to the bank to get a $0.25 tax deduction (assuming 25% tax bracket). You're still out $0.75.

    If you pay off the mortgage, you pay $0.25 in taxes and have $0.75 in your pocket.

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