Do I have enough in savings to pay some off my mortgage?

Question

I have 48k left on my mortgage at 3.5 percent and 33k in savings. My monthly bills are less than 1,500 a month. My car is paid off. Do you think I have enough savings to pay 8k off the mortgage? It would leave me left with 25k and I plan on saving 500 a month to build it back up.

Answer

Generally speaking, yes, assuming you have no other debts with a higher interest rate.

Answer

Are you paying anything at a higher interest rate other loans or credit cards? and what’s the return you’re getting on your savings? What’s the point in paying off the $8k and leaving $40k left? What’s your goal?

Answer

Why only 8k and not the fill 33k? It would take a HUGE chunk out of the mortgage and if it works like mine does, you wouldnt have a payment for awhil unless you just choose to. Are there other debts you are wanting to pay with the other 25k?

Do I have enough in savings to pay some off my mortgage?

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