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Old 10-26-2009, 08:32 AM
 
204 posts, read 683,743 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, 08:40 AM
 
Location: Martinsville, NJ
6,175 posts, read 12,937,961 times
Reputation: 4020
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, 08:46 AM
 
6,034 posts, read 10,682,607 times
Reputation: 3989
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, 08:57 AM
 
Location: Plano, Texas
1,673 posts, read 7,018,522 times
Reputation: 697
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, 09:16 AM
 
628 posts, read 2,044,899 times
Reputation: 524
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, 10:20 AM
 
9,803 posts, read 16,190,154 times
Reputation: 8266
#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, 11:26 AM
 
Location: WA
5,641 posts, read 24,953,484 times
Reputation: 6574
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, 01:35 PM
 
6,565 posts, read 14,294,655 times
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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, 09:34 AM
 
955 posts, read 3,648,429 times
Reputation: 638
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, 03:16 PM
 
Location: NJ
31,771 posts, read 40,693,520 times
Reputation: 24590
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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