Biggest Mistake or Wisest decision of my life .....???
I have 150k mortgage and our home cost $200k, I have over $200k in savings which I have invested in CD's paying interest of 3.25% for a 60 month period.
My monthly mortgage payment is $1100 @ 5.5% interest and about $850 is interest only on my mortgage.
I am considering the idea of paying of my mortage vs having money in the CD which pays less than my cost of borrowing and additionally I need to pay tax on that earnings.
I plan to stay in this home for another 2 years, I also have another 100k in savings which are not locked in in any kind of investment. We also have good stable jobs (Or atleast we like to think)
Do u think it makes financial sense to pay off my mortgage.... simple math makes sense to me, but I'm not sure if I'm overlooking any major considerations ...Please advice, before I make a blunder or the best decision of my life !
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