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re: House note vs car note
Posted on 2/28/21 at 5:55 pm to GCTigahs
Posted on 2/28/21 at 5:55 pm to GCTigahs
My opinion (not a financial advisor) you have 6 years left on the mortgage. Which means you have paid mostly interest and have almost all principle left for the remaining 6 years. Assuming a 20-30 year loan term. I wouldn’t pay it off now as the interest savings can’t be much.
I’m also going to assume that in order to get 0% finance the note term is probably short like 36 months so disregard the upside down comment because you will be paying it off so quickly that you won’t be upside down after the first 6 months.
The other poster had the best question. What does this do to your savings? Personally I would take the 0% finance and not pay off the house. And put that 80k into your investments.
I’m also going to assume that in order to get 0% finance the note term is probably short like 36 months so disregard the upside down comment because you will be paying it off so quickly that you won’t be upside down after the first 6 months.
The other poster had the best question. What does this do to your savings? Personally I would take the 0% finance and not pay off the house. And put that 80k into your investments.
Posted on 2/28/21 at 6:13 pm to jwn0002
The 80k would represent about 50% of our current cash savings. We recently sold a rental so that’s the reason for our abnormally high to us savings. The mortgage is a 15yr note that we originally took out in 08 but refinanced twice since the purchase. We like the psychological effect of having little to no debt. I’m mid 40’s, wife early 40’s and I’d love to leave the rat race between 55-60. Currently in my 24th yr with the same company.
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