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03-31-2011, 01:22 PM
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Should I pay off my home mortgage? I have about...
...$50,000 in the bank but I owe $45,000 on my mortgage.? Should I simply pay off my mortgage so I don't have to worry about a mortgage payment?. I'm afraid to invest in the market because it is very volatile and unemployment is still at record levels. I currently make about $2,000 per month after taxes and my mortgage is only $450 per month.
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03-31-2011, 06:37 PM
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I would start paying something closer to 2 - 5k per month out of your savings. That way you can keep that money for a while, and still reduce the amount you pay overall in interest, but bringing your total savings down that low all at once just seems like a really bad idea to me. What if there's an emergency and your car breaks down or something?
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