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Joined: Dec 2013
Posts: 28,403 Likes: 570
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 28,403 Likes: 570 |
Both of my houses are paid for, so I'm a BIG proponent of paying off your mortgage. That said...
1. DO NOT take any money out of your 401k at your age. The government will automatically take a 10% penalty and 20% withholding for taxes. So if you take out $45k, all you will get is $31,500, plus you are going to lose all that future interest.
2. $106k is a pretty small mortgage.
3. Having the $71k in savings is really good. Move that to an Ally Bank Money market fund. This is where we keep our savings. If you put that $71k in that Ally Money market fund it would immediately start earning you money. A principal of $71k in an account with a 3% annual interest rate earns approximately $177.50 per month before compounding. Take that extra money you are now making and pay the flood insurance and make an extra $100 principle payment on your mortgage.
4. This way you still have all your savings and investments. So if you get into financial trouble later, you have a safety net or you can still use it later to pay off your house when the payoff is smaller.
"When I say ever thing I mean ever thing." - Frankie
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