# What are good things to do around the time of paying off the mortgage and home equity loan?

**URL:** <https://boards.straightdope.com/t/what-are-good-things-to-do-around-the-time-of-paying-off-the-mortgage-and-home-equity-loan/736023>\
**Category:** In My Humble Opinion\
**Created:** [October 28, 2015, 10:35pm UTC](https://boards.straightdope.com/t/what-are-good-things-to-do-around-the-time-of-paying-off-the-mortgage-and-home-equity-loan/736023 "2015-10-28T22:35:00Z")\
**Posts on this page:** 3\
**Page:** 1

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**Author:** ![Napier](https://avatars.discourse-cdn.com/v4/letter/n/ce73a5/32.png) [@Napier](https://boards.straightdope.com/u/Napier)\
**Post date:** [October 28, 2015, 10:35pm UTC](https://boards.straightdope.com/t/what-are-good-things-to-do-around-the-time-of-paying-off-the-mortgage-and-home-equity-loan/736023/1 "2015-10-28T22:35:00Z")

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I have about 8 months left on my mortgage and home equity loan. What should I be on the lookout for?

For example, is it better to pay one or the other off first, or is it better to have them both end at about the same time?

I know the requirements for homeowner’s insurance will change, so it’d be a good time to shop for that. Any tips? Any other related considerations? Maybe a good time to review tax withholding because my interest deductions will be going away (though they’ve obviously been drifting down anyway)?

Any surprises, if you have been through this?

Thanks!!

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**Author:** ![Snnipe\_70E](https://avatars.discourse-cdn.com/v4/letter/s/b5a626/32.png) [@Snnipe\_70E](https://boards.straightdope.com/u/Snnipe_70E)\
**Post date:** [October 28, 2015, 11:10pm UTC](https://boards.straightdope.com/t/what-are-good-things-to-do-around-the-time-of-paying-off-the-mortgage-and-home-equity-loan/736023/2 "2015-10-28T23:10:16Z")

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f you have been paying property taxes and insurance through an escrow account you are now going to have to add them into your budget. Set up a savings account or another account that can be withdrawn from. Instead of monthly house payments you now will have monthly tax and insurance to pay.

congratulations man I wish I had your problem.

And do not let anyone talk you into remortgaging your house so you will have the interest deduction.

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**Author:** ![enipla](https://avatars.discourse-cdn.com/v4/letter/e/54ee81/32.png) [@enipla](https://boards.straightdope.com/u/enipla)\
**Post date:** [October 28, 2015, 11:50pm UTC](https://boards.straightdope.com/t/what-are-good-things-to-do-around-the-time-of-paying-off-the-mortgage-and-home-equity-loan/736023/3 "2015-10-28T23:50:21Z")

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So… you have a home equity loan that is separate from your mortgage? I think it would make sense to put additional monies towards the principle of whichever loan has a higher interest rate.

Mine gets paid off in about 6 months. I’ve been adding to the principle a lot over the last few years. It’s been really nice to see those numbers come down to a point where you can actually see that it is going away.

We are taking a little vacation. It’s that time for my wife and I anyway. Nothing extravagant.

Yep, as Snnipe 70E said, don’t let insurance or taxes lapse. There will always be that. Death and taxes… aaaaannnnddd… insurance.