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Your mortgage it rarely pays to prepay: our Money Lab examined whether it's more profitable to invest a spare $100 a month in a mortgage or the stock market.(CR Money)
Few Americans may burn their paid-off mortgages anymore, but many of us get a warm feeling thinking about the day that the biggest financial obligation of our lives will finally be behind us.
While paying your mortgage is definitely a good idea (the alternative being possible foreclosure), whether to take cash you might otherwise invest and pay the loan off ahead of time is a trickier calculation. The decision has become even more complex lately given the ups and downs of the stock market and the downs and more downs of the housing market.
We decided to put that choice to the test in the Consumer Reports Money Lab.
AN EXTRA $100
The question we posed was this: If a person had an extra $100 a month to either pay down a mortgage or play the stock market, which would be a better use of the money?
Our statisticians created a computer model to compare prepaying a mortgage with investing in a Standard & Poor's 500 Index mutual fund during a variety of market conditions.
We hypothesized a person buying an average-priced home with 20 percent down and a 30-year fixed-rate mortgage at 132 different points between January 1986 and December 1996.
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