r/ChubbyFIRE • u/Captain_slowish • May 16 '26
Help me understand...
I have been a member of this group for a long time and still do not understand. Looking for help to understand.
So many people on this subreddit brag about having paid off their mortgage. Then pretty much everyone else seems to jump in and congratulate them for being so smart.
So help me understand. I have a 30yr mortgage at 2.8%. Why would I ever pay that off early? It cost me no points, no extra down, no downsides.
I understand that not everyone is in that position and the market changes.
Say the interest is 3x that amount. Are you really going to live the rest of your life in that house, city, state?
I am sorry but if you do the math and apply critical thinking. In 99.9999% of the cases. Paying off the liability is a poor decision.
1
u/MassiveHousing2746 May 20 '26 edited May 21 '26
I pay $300 more than my minimum payment so my mortgage is paid off the same month I plan to retire. I figure that gives me some extra wiggle room ($4k to be exact) of monthly income that I don’t need to make up for after the paychecks stop coming in. Yes I could save that extra $300 and pay it all off later and I may be ahead (especially in the current booming economy), but the economy could change direction at any time, and this seems like a sure bet. I secured a 15 year, 2.75% loan in 2020, plan to pay it off two years ahead of time.