My husband and I have our rainy day fund that earns us interest of about $1000 a year. We bought a home a year ago, and are making extra principal only mortgage payments to clear the loan faster.
I did the math, and if we make no changes and add in an extra 1000 to our principal every year (the money we’d get as interest from our HYSA), we’ll clear the loan a year and a half faster.
I want to do this but I’m having a tough time getting my husband on board. Are there tax implications for doing this?
Would love to finish the loan quicker so we can eventually rent it out and have extra income that way.