Should I Pay Extra on the Mortgage?
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 20 August 2021
⏱️ 10 minutes
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Summary
For whatever reason so many people are obsessed with paying off the mortgage. But is it really the best financial decision?
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Transcript
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| 0:00.0 | Welcome to the Jill on Money Podcast. It's Friday, August 20th. And we are here to try |
| 0:08.9 | to help you through your financial queries. You know, Mark and I think of ourselves as |
| 0:14.3 | sort of the coaching staff. You are the athletes. You are the ones who are doing all the hard |
| 0:20.0 | work out on the field, the ice wherever it is, the court. And we're here to try to help |
| 0:25.2 | you make your performance a little bit better, not investment performance, just your life, |
| 0:31.8 | your financial life. And that is determined. What is better is based on you and your circumstances. |
| 0:39.4 | If you have a question, ask Jill at JillOnMoney.com. If you're on the website JillOnMoney.com, then |
| 0:46.0 | it's just a click away. Just hit that contact button. And you'll find it right there top |
| 0:51.2 | right corner. And if you would like to come on the air live with us, don't forget to tell |
| 0:55.0 | us, Mark does all the work from there. Today we're talking to Nick from the Bay Area. And man, |
| 1:00.6 | this is one of the big quintessential questions that we are getting right now. Should I pay off |
| 1:07.7 | my mortgage or invest that money? Hey, Nick, what can we do for you? So I was calling today to see |
| 1:16.2 | just got a small raise and was curious whether it'd be better off putting a little extra towards |
| 1:21.6 | the principal payment on my mortgage or putting it towards retirement. I love paying down debt, |
| 1:28.9 | but figured I'd ask the question. All right, any other debt that's out there, any student loans, |
| 1:34.4 | any credit card, anything else? Thankfully no. All right, that's great. Tell me about yourself. |
| 1:42.3 | How old are you? 37. Okay. Are you married, single, partnered? Married. Okay, married. And |
| 1:51.0 | right now the house is worth approximately how much? We'll call it 850,000. Okay. Now tell me the |
| 1:58.3 | mortgage amount that is outstanding is how much? 398. What is the interest rate on that mortgage? |
| 2:06.0 | 3.625. So cheap, man. Do both of you work? Is one of you do a little home stuff? What's going on? |
| 2:14.9 | Both of us work. Okay. How much is your combined income? About 215. |
| 2:20.3 | And what will the increase in your salary be? Take you to it. Was that with the increase or before? |
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