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Should I pay off investment property mortgage
I don't think it's all or none. First, 15 year mortgages are sub-3% right now, even for an investment property you'd get under 4%. shop around, do the math, a 1% drop is $1000 a year to start, nothing to sneeze at.  Don't let the tax tail wag the decision dog. If you could invest the $100K at a taxable 5.5% in this economy, you would. In this case, that's your return on prepayments on this mortgage. Personally, I'd like to see a refinance and pay down of principal so the cash flow is at least positive.  Beyond that, you need to decide how much cash you're comfortable having or not having in savings. I'd also consider when to start investing long term, in equities. (low cost ETFs is what I prefer).