- This topic is empty.
-
AuthorPosts
-
Sachin
Hi everyone, I’m in my early 30’s and bought a primary residence couple of months ago with 30 year conventional (450k loan) at 6.5%. I’ve additional 60k (plus 30k emergency fund) in my savings. I’m debating whether to payoff 60k principal on my mortgage (If so with or without recast?) or Invest 60k in FZROX/FZILX using my Individual account or mix of both?
As of now I’m only doing 12% in 401k, maxing out HSA and ROTH IRA ( I mean no other Investments besides these 3).
Any Inputs on what I should do different?
Thanks in advance!
BillYou cannot recast an FHA Loan. No need to pay off home mortgage this young. Time is on your side. Invest those funds.
VidurI wouldn’t pay that off right now for two reasons:
1) you will still have to make your monthly payments, if I understand correctly you only reduce years on the backend.
2) I don’t know what you do for a living but the job market is volatile right now, which affects everyone.If you lose your job or are impacted by the job market, your 60k is going to make you feel more comfortable weathering the storm.
KimberlyWait until rates come. Refinance down to 15 yrs. Then apply your 60k.
-
AuthorPosts
Related Topics:
- Should I get a mortgage recast to lower monthly payments after paying extra?
- Considering FZROX and FZILX in Roth IRA. Why diversify with FZILX alongside FZROX?
- What to do with $280k in HYSA: pay rental debt, primary debt, or invest?
- Should I max out my 401K or invest in index funds to retire early?
- Should I pay off my 5.99% car loan or invest $50k with 10% returns?
- Looking to invest more over the next 20 years
No related posts.