Toby
11-30-2014, 10:09 PM
Hey Friends,
I have been focusing on paying off my mortgage and recently refinanced into a 15 year loan and make the bi-weekly payments on top of paying a little extra every payment. It has always seemed like a good idea to pay off the house because that is the biggest monthly payment for most of us. I am on schedule to pay my house off in 10 years when I plan on retiring. I have a 3.5% interest rate right now.
I am considering refinancing my house back to a 30 year mortgage which will cut my house payment more than in half. I will take the money, about $1200 a month and invest it into my retirement, not sure exactly in what yet since my TSP is maxed but I should be able to do better than the 3.5% I'm paying off. Hopefully at the end of ten years I should have more than enough to pay my house off if I choose to do so and have extra for my retirement. At least this is the thought. Any advice or opinions are greatly appreciated.
Mods, please move if this is in the wrong section.
Thanks
Toby
I have been focusing on paying off my mortgage and recently refinanced into a 15 year loan and make the bi-weekly payments on top of paying a little extra every payment. It has always seemed like a good idea to pay off the house because that is the biggest monthly payment for most of us. I am on schedule to pay my house off in 10 years when I plan on retiring. I have a 3.5% interest rate right now.
I am considering refinancing my house back to a 30 year mortgage which will cut my house payment more than in half. I will take the money, about $1200 a month and invest it into my retirement, not sure exactly in what yet since my TSP is maxed but I should be able to do better than the 3.5% I'm paying off. Hopefully at the end of ten years I should have more than enough to pay my house off if I choose to do so and have extra for my retirement. At least this is the thought. Any advice or opinions are greatly appreciated.
Mods, please move if this is in the wrong section.
Thanks
Toby