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re: Best way to payoff mortgage early?
Posted on 2/9/17 at 9:36 pm to cstev12
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.
2
Posted on 2/9/17 at 9:51 pm to Croacka
Yeah makes sense. Not sure why I have this urgency to pay it off. Thanks for the advice.
Any go to investment accounts you'd suggest? I already have emergency funds, 529's for both kids, 401k maxed yearly, and put 5% into ESP. Just looking for something to drop 500/month over next 10-15 years.
Any go to investment accounts you'd suggest? I already have emergency funds, 529's for both kids, 401k maxed yearly, and put 5% into ESP. Just looking for something to drop 500/month over next 10-15 years.
Posted on 2/10/17 at 9:49 am to Croacka
quote:
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.
Maybe he should borrow an additional $250,000 on his mortgage and invest it?? to get them returns
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