My Mortgage rate with BOI has now increased (variable). Is it now time to pay off mortgage by amount in savings as rate of savings is less than mortgage rate?
I have some savings and could pay 25,000 off of my 165000 mortgage. However,I would see myself letting my current home eventually,maybe in 3 or 4 years.In this scenario,should I avoid paying extra off the mortgage, for future tax purposes as 75% of mortgage interest deductable from rental income.I think it is a no brainer not to pay extra off my mortgage but maybe I am wrong?