Have a mtg, but am growing cash in an “offset” savings account. When the accumulating cash equals the declining mtg balance, BAM! I’ll pay it off. Sure, I could just put the extra cash against the debt and save some mtg interest expense, but I just don’t think now is a good time to lose that liquidity. YMMV.
We’re doing the same. We accepted a pre-payment penalty clause for the first 6yrs to get a 2% rate on a 15yr. This year the 6 is up and we have enough cash to get us to about 75% paid down. Hoping to have it done by my 48th b-day in 3.5yrs. In the meantime, House has appreciated by about 40%.
Looking forward to seeing if the grass feels different afterward like D Ramsey’s always saying. 😊 Can’t wait.
