Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Cash sitting in the bank -- invest it or pay down the mortgage?

ken0042 · 02-25-2008, 05:40 PM

I say pay down the mortgage. But for me the sooner I'm done with that the sooner I can do other things; like vacation property.

Let's say your mortgage is $300K, and you currently have $3K to put onto the mortgage. Right now your mortgage would be around $1750, so $3K is less than 2 payments. But that $3K takes at least 6 months off your mortgage.

If you are maxed out on RRSPs it sounds like you are in good shape for retirement. Why not try to get the house paid off sooner. The sooner that's done the sooner you can retire.

02-25-2008, 05:40 PM	#11
ken0042 Playboy Mansion Poolboy Join Date: Apr 2004 Location: Close enough to make a beer run during a TV timeout Exp:	I say pay down the mortgage. But for me the sooner I'm done with that the sooner I can do other things; like vacation property. Let's say your mortgage is $300K, and you currently have $3K to put onto the mortgage. Right now your mortgage would be around $1750, so $3K is less than 2 payments. But that $3K takes at least 6 months off your mortgage. If you are maxed out on RRSPs it sounds like you are in good shape for retirement. Why not try to get the house paid off sooner. The sooner that's done the sooner you can retire.