Reply to If you were to inherit $2 million, would you pay off the remaining $150k of your very low interest mortgage?

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Reply to "If you were to inherit $2 million, would you pay off the remaining $150k of your very low interest mortgage?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Yes, we didn't inherit and paid off our mortgage. [b] Its freeing[/b].[/quote]

Exactly. [/quote]

If put the amount left on the mortgage in a HYSA that makes 1.25% more than my mortgage, set it on autopay, and forget about it (unless I need he cash), how is that any less freeing?  [/quote]

Because if your mortgage is switched to a different servicer and you don't get the memo, it could go into default while your autopay is merrily humming along.[/quote]

If you are so incompetent that you can't manage to change an autopay, I agree, you should just pay it off.  For those of us who can manage in modern society, we'll take our changes.  [/quote]

Obviously we can manage it.  But when it's sold multiple times in a year, it's a pain to have to do all of that.  My time is worth something, and having to spend time managing that is not worth it, all to save $400-500/year.  [/quote]

That you have to assume that your mortgage will be sold multiple times per year, every year, to try buttress your point demonstrates that it's really not much of a point at all.  And even if that were true, if it takes you 10-20 hours to set up accounts and switch autopay each year, you really shouldn't be permitted to walk around unattended.  [/quote]

The extra time is from when the mortgage company f's it up and you have to deal with idiots getting stuff corrected. And yes back when I had a mortgage, in the last 3 years it was sold 6+ times and there were issues I had to stay on top of.so yeah if you only have $300k in "cash" don't pay off the mortgage. 
But I own houses totally $6m in cash and it's only 10-12% of net worth.  So yeah not worth the stress

But don't worry, I think the fact I can make 7 figures from interest/dividends from my "cash equivalent funds" ( not even mentioning what's in the market) means I can manage finances just fine [/quote]

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