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Comment by xupybd | Hacker News Reader

I could only afford a 30 year term. Now I'm half way through my mortgage 5 years later. You don't have to stick to the original repayments.

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Very true I am taking the opposite bet. I refinanced last year 30 year 2.85 apr. In California so prop 13 means property taxes won't go up to fast. I have no plans to pay it off earlier. But we are kinda stuck we can sell our house for a nice profit on what I paid 5 years ago. Then I have to pay for another house that is expensive in the current marketing. Not really looking to relocate to cheaper place. So I am just hoping all the money I am putting in the stock market ends up being the right call. Who knows though. Either approach could be a good choice in the right situation.

Yeah that is a great way to go if you're comfortable taking on the risk. There is a big reward if it pays off.

I'm a bit more risk adverse but each person has a level of risk that works for them.

You have to balance the returns of the market vs the cost of the mortgage. In many cases it makes more sense not to pay off the mortgage and just put excess cash into the market.

I could pay off my mortgage at any time, but I've earned more by putting that cash in equities.

I treat my 30 yr mortgage like a low interest loan. I basically take the risk that the mortgage lender doesn't want.

You do, but you also have to pick a risk profile you're comfortable with.

If I pay off my mortgage I can afford to take on more risk in the market. I can afford to attempt entrepreneurship.

It took me a long time to get to the point where I truly believed it was worth attacking my mortgage.

I prefer to have as little debt as possible for my own peace.

It's possible for me to get totally debt free in a year or two. Then I can focus on building a portfolio for retirement.

I'm also choosing to remain in my first house and not spend lots on my standard of living.

The mental relief of paying off a mortgage is much greater than any mortgage repayment schedule. The day people pay off their mortgage and own it outright is up there with birth of kids.

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