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re: I've been given $100K from an estate - Pay down mortgage, get new car, other?
Posted on 5/4/16 at 10:51 am to hungryone
Posted on 5/4/16 at 10:51 am to hungryone
Will most likely get push back, but I would pay down the house. Feel like there's some significant intangible value in owning your house 100%, or having little to no mortgage payments each month.
1
Posted on 5/4/16 at 11:02 am to raw dog
quote:
Will most likely get push back, but I would pay down the house. Feel like there's some significant intangible value in owning your house 100%, or having little to no mortgage payments each month.
If he'd inherited a sum large enough to pay off the house outright & leave a decent cushion, I'd agree with you. But he would simply be cutting his mortgage in half, and unless he refinances, he's still got the same monthly payment in the immediate future. He'll just be paying off the loan more quickly. Even if he does dump the $100K on the loan & refi to a shorter term, he's still got a monthly mortgage payment.
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