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re: Best way to payoff mortgage early?
Posted on 2/9/17 at 9:28 pm to Croacka
Posted on 2/9/17 at 9:28 pm to Croacka
Right, I was saying instead of putting, let's say $500 a month directly to the principle I'd put it in a mutual fund for next 6-10 years. Once that account reached remaining principle I'd pay off mortgage then start investing the $500 + Old Mortgage payment into another mutual fund (Or something similar).
I'm not very keen on investing so I'm sure there's plenty of holes to punch in this plan.
I'm not very keen on investing so I'm sure there's plenty of holes to punch in this plan.
1
Posted on 2/9/17 at 9:36 pm to cstev12
quote:
Once that account reached remaining principle I'd pay off mortgage then start investing the $500 + Old Mortgage payment into another mutual fund (Or something similar).
I get what you're saying, but in 6-10 years you'd have a nice interest earning nestegg and you'd have to cash that out and start over.
If your money at the time is earning more than 3% annually, id continue to let it grow since it's making more than you stand to gain by eliminating the mortgage interest.
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