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Maurie Backman

My $1.2 Million Vacation Home Has a $360K Mortgage. I Don't Need My Upcoming $45K RMD. Should I Use It to Pay Down the Mortgage?

Panoramic view of grand vacation home on the Atlantic Ocean, Inn at Sunrise Point, near Camden, Maine, USA.

Question: My $1.2 million vacation home has a $360K mortgage. I don't need my upcoming $45,000 RMD. Should I use it to pay down the mortgage?

Answer: There can be benefits to carrying a mortgage rather than paying it off with a lump sum of cash. For one thing, if you itemize on your tax returns, you may be able to lower your IRS bill via the mortgage interest deduction. And if you have a relatively low interest rate on your mortgage, it could pay to invest your money elsewhere at a higher return.

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