Quote:
Originally Posted by Slava
Well yeah, it's difficult to give broad advice when you have no details to consider. If you have the specifics, you can do the math and say "here's the plan". That's not exactly news. We don't know whether there is balloon payment room left, the amortization of the mortgage or really anything else. Of course it's difficult to say what the best course of action is here.
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Wait... We don't have all of the details, but there are some pretty safe assumptions that can be extrapolated depending on the specific case.
Like if you have a spare $25k sitting around and can put it in a GIC at 6%, or pay down your 3% mortgage by $25k, the interest earned in the GIC will be greater than the interest saved by the reduction in the mortgage principle (disregarding taxes, etc).
To argue otherwise would demonstrate a poor comprehension of
reading math.
That all said, the peace of mind on having less / no mortgage is priceless.
Edit - opendoor beat me to it.