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afchic · 03-23-2010, 07:26

Thank you all for the input. It certainly has been helpful, especially the advice from folks that have thought about doing the same thing I am.

I talked to my brother yesterday who is in finance, and he told me that as long as I am keeping some money going towards investments, and can afford to put extra money each month towards principle, that paying off the house is a good idea. Keeping the same mortgage, will allow me to choose month to month if I want to put extra money towards principle. That way if something comes up out of the blue that month, that our current 6 months worth of savings can't handle (don't see that kind of a scenario happening) then I can choose not to put the extra in that month.

He also said that if inflation starts to creep up, putting our money someplace other than a 5.25% loan will be in our best interests.

I guess that I am lucky that I am in a position where I have the opportunity to decide what is the best means to ensure we are taken care of in our old age, without "having" to do anything other than make our normal mortgage payment.

I talk to my kids about this alot, and hopefully they are becoming more aware of money issues, and how spending/savings habits begin at their age, not at our age.

03-23-2010, 07:26	#14
afchic Area Commander Join Date: May 2007 Location: IL Posts: 1,644	Thank you all for the input. It certainly has been helpful, especially the advice from folks that have thought about doing the same thing I am. I talked to my brother yesterday who is in finance, and he told me that as long as I am keeping some money going towards investments, and can afford to put extra money each month towards principle, that paying off the house is a good idea. Keeping the same mortgage, will allow me to choose month to month if I want to put extra money towards principle. That way if something comes up out of the blue that month, that our current 6 months worth of savings can't handle (don't see that kind of a scenario happening) then I can choose not to put the extra in that month. He also said that if inflation starts to creep up, putting our money someplace other than a 5.25% loan will be in our best interests. I guess that I am lucky that I am in a position where I have the opportunity to decide what is the best means to ensure we are taken care of in our old age, without "having" to do anything other than make our normal mortgage payment. I talk to my kids about this alot, and hopefully they are becoming more aware of money issues, and how spending/savings habits begin at their age, not at our age.
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