My wife and I are THIS ...... CLOSE to paying off the mortgage.
We owe 23500 and have 18,000 in the payoff account...
I have a car fund with $2600 in it that we could re-purpose and some extra monies to pay off the house in the next 3 weeks. NICE!!!
But, our desire to pay off the house would deplete our savings and leave us with virtually $0. .... However, by the next pay period (2 weeks later) we could quickly get our emergency fund, funded again with around $3000 and then at least $4000/mo there after...
In August, our daughter will get dental work to the tune of $2700 and about $900 in insurances are due in September. I think we could still fund these expenses and be 100% debt free, but we would be cutting it close with the emergency fund situation and having next to nothing at our disposal...
My thinking is that we should get $1000 in an emergency fund and then GO FOR IT... after August we could quickly build it back up at a $4000/mo clip and re-fund the car replacement account.
There will be a little bit of a "what if" feeling without having the financial resources of a few thousand bucks, but we could quickly or soon have this money replaced.
My question is, given yourself in this situation, would you go for it or delay the pay off a month or two until there was more in the bank?
at 45 and 46 y/o, We've worked so hard to pay off our mortgage (thanks to Dave Ramsey) that now that it's in sight, it's all I can do GET IT DONE.
thanks in advance...
We owe 23500 and have 18,000 in the payoff account...
I have a car fund with $2600 in it that we could re-purpose and some extra monies to pay off the house in the next 3 weeks. NICE!!!
But, our desire to pay off the house would deplete our savings and leave us with virtually $0. .... However, by the next pay period (2 weeks later) we could quickly get our emergency fund, funded again with around $3000 and then at least $4000/mo there after...
In August, our daughter will get dental work to the tune of $2700 and about $900 in insurances are due in September. I think we could still fund these expenses and be 100% debt free, but we would be cutting it close with the emergency fund situation and having next to nothing at our disposal...
My thinking is that we should get $1000 in an emergency fund and then GO FOR IT... after August we could quickly build it back up at a $4000/mo clip and re-fund the car replacement account.
There will be a little bit of a "what if" feeling without having the financial resources of a few thousand bucks, but we could quickly or soon have this money replaced.
My question is, given yourself in this situation, would you go for it or delay the pay off a month or two until there was more in the bank?
at 45 and 46 y/o, We've worked so hard to pay off our mortgage (thanks to Dave Ramsey) that now that it's in sight, it's all I can do GET IT DONE.
thanks in advance...