Would it be a better investment to pay off the mortgage of my existing home and no longer have a monthly mortgage? Or...

Would it be a better investment to purchase another home with the agenda to move into this home in about 3 years?

Not enough detail.

How much is owed on the current home ? Where is the current money to pay off the home at, and what interest rate are you getting. What is the current interest rate on the loan. How much is still owed on the home. What is the value of the home ?

Do you want to move, is there a reaon to move, UP Size, Down Size ?

Is the current home in good shape ? Any major repairs needed.

If you paid it off, would the monthly payment amounts be put back into other investments or if you had no debt, just spent on higher life style ?

What are your ages ?

Quote:

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Originally Posted by dummyaccountant

Would it be a better investment to pay off the mortgage of my existing home and no longer have a monthly mortage? Or...

Would it be a better investment to purchase another home with the agenda to move into this home in about 3 years?

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Ok... I owe about $30,000. I can pay off the mortgage and no longer have the monthly payment but the old saying that 'you need money to make money,' and I want to move... I am single and desire to retire in a different home. My thoughts are to purchase the 'desired' home, then sell my home. I have maintained the existing home and will get a good return. In addition, over the 14 years here I have amortized from day one.

However, I also have been told 'why pay the interest... pay off the home.'

Confused :(