Should I pay down some of mortgage?

Question

I have 49k left on my mortgage and 30k in savings. Should I pay down some of my mortgage or keep the savings? The interest rate is 3.5 percent.

Answer

I would just keep paying your mortgage and keep your savings. 30k isn’t that much. It could go quick with an emergency.

Answer

I would speak with a financial advisor, at this point you should be earning more on that 30k than 3.5% so it would make financial sense to keep saving and earning more on it then what you’re paying in interest. But if savings rates go down the opposite could be true.

Answer

I’d put the savings in a high interest account and pay the mortgage as is.  3.5% isn’t a high enough interest rate for me to pay anything more than one, maybe 2, extra mortgage payments a year toward the principal or lose access to  liquid cash.

Answer

1000% keep paying the mortgage at that interest rate it’s free money

Should I pay down some of mortgage?

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