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Personal Finance and Investing

(17,649 posts)

18. The only way to get lower payments would be to refinance

Mon Jul 4, 2022, 04:40 PM

Jul 2022

That can be a costly endeavor. The only thing paying more will do is shorten the time it takes to pay off the mortgage. This may be helpful.
https://www.bankrate.com/mortgages/amortization-calculator/

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Taxes on IRA withdrawl question [View all] OnionPatch Jul 2022 OP

This message was self-deleted by its author A HERETIC I AM Jul 2022 #1

Generally... no FBaggins Jul 2022 #2

I'm a retired financial advisor. Your response is absolutely correct. BlueBloodedAmerican Jul 2022 #6

Unfortunately I did not refinance. OnionPatch Jul 2022 #9

If you get Social Security you may get taxed more on that. Yonnie3 Jul 2022 #3

no, that is not what I meant Yonnie3 Jul 2022 #19

This message was self-deleted by its author Tomconroy Jul 2022 #4

Your actual marginal tax rate could be higher, much higher ... progree Jul 2022 #5

Lots to think about here. OnionPatch Jul 2022 #16

Please speak with a financial advisor. Phoenix61 Jul 2022 #7

Yes, that's what I was advised but now I have a monthly mortgage OnionPatch Jul 2022 #8

Look At Your Interest Rates.... gainesvillenole Jul 2022 #10

That makes sense OnionPatch Jul 2022 #11

It's a numbers game. Phoenix61 Jul 2022 #12

Thanks. The IRA isn't making anything right now, unfortunately. OnionPatch Jul 2022 #15

The only way to get lower payments would be to refinance Phoenix61 Jul 2022 #18

Thanks, that looks really helpful. OnionPatch Jul 2022 #24

Thanks. I may do something like this. OnionPatch Jul 2022 #14

About ten or so years ago I asked my financial advisor about PoindexterOglethorpe Jul 2022 #21

Yes, I'm in a similar situation as you were. OnionPatch Jul 2022 #23

There's conventional advice out there that no one should retire with a mortgage. PoindexterOglethorpe Jul 2022 #25