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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]I’m totally planning on paying off my 2.875% mortgage when I inherit. I’m down to around $120k on the balance, I recasted so my payments are under $600 a month. But I always pay $1500 a month toward it because I really hate debt. It’s my only debt, college was already paid for and I have about ten years before I retire. I’m also frugal, so I’d plan on taking the $1500 a month I put toward my mortgage and investing it. I know logic says I can take the $120k I’d be using to pay off the mortgage, invest it and use the earnings to pay my monthly bill. But there truly is a psychological aspect to not having a mortgage. I already own land and a weekend place outright, cost of ownership of both is under $10k a year total.[/quote]
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