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Updated about 2 years ago on . Most recent reply
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Should I pay off the mortgage of my Live-In Duplex early
I own a duplex. Purchased in 2017 for $330k. Lots of sweat equity was put into this property. Appreciation since purchase has also been stellar. Current value $575k. 30 Year mortgage at 2.75%. Mortgage (All In taxes, insurance included) is $2,500 / month. First floor tenant pays $2,100 / month. Owner occupied 2nd unit so my housing costs are very low.
Should I pay off my mortgage early (one extra payment per year) or should I be happy that I have an asset that appreciated that much and am borrowing that $$ at a historic low lending rate and better use that extra $$ to acquire my next property. My long term goal is to acquire enough cash flowing properties to retire comfortably. I feel like the extra payment is not going to change the complexion of my acquiring the next property but still could be a big savings on mortgage interest on the current property. Is there an easy tool available to compare scenarios?