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Old 10-26-2009, 09:32 AM
 
204 posts, read 600,384 times
Reputation: 65

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Do you:

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".
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Old 10-26-2009, 09:40 AM
 
Location: Martinsville, NJ
6,162 posts, read 11,863,817 times
Reputation: 3971
Quote:
Originally Posted by Iwillthink4u View Post
Do you:

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.
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Old 10-26-2009, 09:46 AM
 
6,039 posts, read 9,862,448 times
Reputation: 3963
Quote:
Originally Posted by Bill Keegan View Post
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 like this answer.
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Old 10-26-2009, 09:57 AM
 
Location: Plano, Texas
1,675 posts, read 6,655,061 times
Reputation: 694
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.
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Old 10-26-2009, 10:16 AM
 
628 posts, read 1,883,720 times
Reputation: 513
I would probably pay off my mortgage--my husband would then quit his job and find something he actually doesn't hate doing then
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Old 10-26-2009, 11:20 AM
 
9,803 posts, read 14,383,012 times
Reputation: 8207
#A

That would ensure you wouldn't be one of the million posters coming on here crying that they had their house foreclosed on.
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Old 10-26-2009, 12:26 PM
 
Location: WA
5,538 posts, read 22,636,100 times
Reputation: 6293
It all depends upon your personal finances, debt, mortgage rate, income, and future needs. There is no pat answer.
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Old 10-26-2009, 02:35 PM
 
6,563 posts, read 13,338,878 times
Reputation: 3206
Quote:
Originally Posted by girlbuffalo1 View Post
I would probably pay off my mortgage--my husband would then quit his job and find something he actually doesn't hate doing then
I'm hoping that this would be my wife's answer as well...
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Old 10-28-2009, 10:34 AM
 
955 posts, read 3,429,659 times
Reputation: 633
For me I would pay off the mortgage - I base this on my situation:

I have no other debt (credit card / cars loans etc)
My student loan interest rate is at 1% so not so worried about this
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Old 10-28-2009, 04:16 PM
 
Location: NJ
30,048 posts, read 34,297,317 times
Reputation: 22483
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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