Ask Terry Questions Payoff Mortgage

Payoff Mortgage

By Terry Savage on December 13, 2023 | Financial Planning / Retirement

Hi Terry –

I was recently laid off, but I have well over $200K of company stocks. I am considering cashing these stocks and paying off my mortgage of $230K. If I were to keep on paying through the term of the mortgage, I would end up paying $116K in interest.

Do you think this is a good move?

Terry Says

Please write back and tell me what your mortgage rate is!!!
And, also check with your accountant and ask what kind of gain you would have if you sold the stock, and what tax bracket it would move you into.

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