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Is it better for me to pay off a 7.5% interest rate (30 yr) mortgage or pay minimum and invest in S&P?
Is it better for me to pay off a 7.5% interest rate (30 yr) mortgage or pay minimum and invest in S&P? My mortgage loan is $545,000. 7.5% interest. 30 year. Payment: $4,500 (PITI) Interest Paid: $826,859 Total Paid: $1,371,859 If I pay extra $500 a month, Interest Paid is $535,363 (savings of $291,495). Pay off time is 21 years instead of 30. Then if I invest the Mortgage + extra payment: compounded for the 9 year difference, assuming 7% rate o...
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