Should I pay off my loan?
I have a rental property where I make $1k a month. I still own $40k on the loan with a total cost of $950k. Is it a good idea to pay it off and profit $1,950 a month? by cyrus881 from Chino Hills, California. Feb 16th 2022
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
It depends on the interest rate on the loan and the interest rate your $40 k is yielding in your investments. If your rate is low enough, leverage the money and let your investment portfolio earn more than the rate you are paying to the bank.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, MO, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.
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