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Reply to "What to do with $1 million "
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[quote=Anonymous]If you have current income that can cover your monthly mortgage payment, I would agree with PPs and not pay it off entirely. That said, you may want to write an additional one-time check specifically aimed at principal. That way, you can tip your monthly payment in your favor. Make the payment enough so that the portion of principal is greater than what you pay in interest (even if it's by a dollar). Then, the rate of amortization really picks up speed without having to increase your actual dollar payment going forward. Also, something to think about are interest rates. They are poised to start a long-term rise (another rate increase is set for December), and that may present more (and relatively safer) investing opportunities in the future. Maybe municipal bonds will someday pay 5% again, and you can live off of tax free income. [/quote]
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