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A: pay off the mortgage completely?
B: Invest the money?
C: pay 'some' of the mortgage off and invest the rest?
D: take the money to Vegas, gamble in the hopes of doubling it (please don't choose this option lol)
Note: i'm aware that like almost all other situations, the real answer is "it depends".
A: pay off the mortgage completely?
B: Invest the money?
C: pay 'some' of the mortgage off and invest the rest?
D: take the money to Vegas, gamble in the hopes of doubling it (please don't choose this option lol)
Note: i'm aware that like almost all other situations, the real answer is "it depends".
I use $250k to pay down debt, starting with the highest interest debt I have.
I refinance the remainder of the mortgage at the lowest rate I can get for a 15 year loan.
I put $50k into the highest yielding no risk investment I can find.
I put $25k into some other, perhaps riskier investment looking for a higher return.
I spend $25k on some fun & luxuries for me & the family.
I use $250k to pay down debt, starting with the highest interest debt I have.
I refinance the remainder of the mortgage at the lowest rate I can get for a 15 year loan.
I put $50k into the highest yielding no risk investment I can find.
I put $25k into some other, perhaps riskier investment looking for a higher return.
I spend $25k on some fun & luxuries for me & the family.
Pay off all non tax deductible debt such as credit cards, student loans, auto loans , etc...
Next, figure out how much money you need each month to survive, pay all bills and feed your family. Take that figure and multiple by 12 and put that much money in a interest paying savings account.
Personally, i would take the remainder and pay half toward mortgage and the other half put into investments.
id like to lower my monthly payments but i also like having money in the bank. i put the 20% down that i had to in order to get the lowest intereste rate even though i have more if i wanted to. i think it depends how much relief you will feel not having a mortgage (or having a smaller one) or the comfort you would have with money in the bank (and maybe doing something else productive with it). i have to ask myself the same question and right now im leaning towards not putting it towards the mortgage.
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