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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]It doesn’t really matter either way in the grand scheme of things. If your mortgage rate is 2.5% and your after tax yield on savings is 3% you are only coming out ahead $750 a year by putting the money in a savings account. I would just pay it off to be done with it. It’s not worth the hassle for the measly amount of savings. [/quote] Are you though ? If it’s a regular mortgage, you pay back interest and principal over 30 years. If you prepay, the cash went to principal and no longer earns interest. If the cash sits on CDs instead, it returns on the principle that otherwise would be locked in equity. [/quote]
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