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Reply to "Mortgage recast vs extra payments"
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[quote=Anonymous][quote=Anonymous]Here’s what I would do. Take half of your inheritance and pay down the mortgage. Do not recast your mortgage, but keep the same monthly payments as before. Invest/save the rest based on your risk tolerance. Depending on when you retire, your mortgage will be very low because of all the extra payments. (There are online calculators that you can find.) At that time, you can choose to recast. Best of luck![/quote] You don’t get recasting. If you pay a lump sum or even extra monthly you want to recast. It saved us a lot of money. You can recast multiple times. We did it twice. [/quote]
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