Our house is under contract and we close next Tuesday. We own the house that we are selling. We will be receiving approximately $245K at closing. The problem is that we don't know what to do with the money (seriously).
The house that we purchased is valued at $575-$600K. We owe approximately $267K on that house. Our mortgage rate is 3.25% fixed.
Other assets:
Retirement and non-retirment: $780K (mostly Vanguard Index funds)
529 Plan: $49K
I am 37 years old with three children and a wife at home. Part of me wants to take the safe route and roll it into our new mortgage and pay it off as soon as possible. The other part of me thinks that would be stupid because I would be missing out on the tax write off and that I could get more than a 3.25% rate of return.
If I decide to invest it, how do I dollar cost average the equivalent of 20%+ of my net worth?
What would you do?
Any help would be much appreciated.
The house that we purchased is valued at $575-$600K. We owe approximately $267K on that house. Our mortgage rate is 3.25% fixed.
Other assets:
Retirement and non-retirment: $780K (mostly Vanguard Index funds)
529 Plan: $49K
I am 37 years old with three children and a wife at home. Part of me wants to take the safe route and roll it into our new mortgage and pay it off as soon as possible. The other part of me thinks that would be stupid because I would be missing out on the tax write off and that I could get more than a 3.25% rate of return.
If I decide to invest it, how do I dollar cost average the equivalent of 20%+ of my net worth?
What would you do?
Any help would be much appreciated.