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Need some financial advice for early mortgage payoff .
We have ~$224,000 mortgage amount left on my home with maturity date of Dec 2050. My mortgage rate is 2.75% and current monthly payment is $1974.
Me and my wife are planning to payoff our mortgage from our savings. After total payoff, approximately $50,000 will be left in out savings. We have three kids aging 5 years, 2 years and 3 months.
Can you guys please share honest advice on this situation if it’s good to payoff or wait ? The only thing scaring us is <$100,000 in savings which we never had.
Your advice and response is greatly appreciated
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- 1 year ago
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