FI by 2024
Recycles dryer sheets
- Joined
- Dec 29, 2013
- Messages
- 331
I recently sold my primary home and netted ~$90k from the sale. I still owe ~$130k on my rental home. I know the most common feedback is to not pay off a home early, but I'm wondering whether it makes sense for me. Here are my details:
Mortgage type: 30 year traditional
Interest rate: 5%
Remaining time on mortgage: ~26 years
The remaining money would come from spare savings - wouldn't affect retirement savings, emergency fund, etc
I am currently putting aside ~40% of my income for retirement
I am debt averse but want to use my brain, not my heart, in financial decisions
I don't know how long I'll keep the house. Maybe another year, maybe twenty.
If I don't use the money to pay off the house, what's a good way to dollar cost average it into the market??
Sent from my iPhone using Early Retirement Forum
Mortgage type: 30 year traditional
Interest rate: 5%
Remaining time on mortgage: ~26 years
The remaining money would come from spare savings - wouldn't affect retirement savings, emergency fund, etc
I am currently putting aside ~40% of my income for retirement
I am debt averse but want to use my brain, not my heart, in financial decisions
I don't know how long I'll keep the house. Maybe another year, maybe twenty.
If I don't use the money to pay off the house, what's a good way to dollar cost average it into the market??
Sent from my iPhone using Early Retirement Forum