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Large payment on mortgage vs saving account

By Terry Savage on May 10, 2022 | Housing / Real Estate

I have a balance of $184k on my mortgage, with an interest rate of 2.75%. I’m wondering if it would make sense to take $100k from a low interest savings account and pay the mortgage down. I’m 63 years old and would like to retire at 67 with no mortgage. I’ve no other debt. Your thoughts?

Terry Says

That makes NO SENSE! Hang on to that precious mortgage at such a low rate. Pretty soon, you’ll be earning more on your savings!

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