Lets suppose that you pay 22% in Fed tax, 5% State tax, & 7.35% payroll tax and have a mortgage of $348,792. You did not put 20% down so you pay mortgage protection insurance. The principle, interest, & mortgage insurance is $1883.43 per month. Property tax & homeowners insurance are not included. In order to pay $1883.43 you would need to earn $34,450 income. If you invested your $348,792 at 11% you would gross $38367.12 per year. Fed & State taxes on the investment would be $10,359. Your 350k investment would also be diminished by the rate of inflation.
It seems that paying off the 3% mortgage would equate to not having to earn $34,450 per year. The investment that you want to use to pay your mortgage would net $28008.
Is it wiser to pay off the mortgage or invest the cash?
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