Iâ€[emoji]8482[/emoji]m just looking for some thoughts on this and wondering what everyone here thinks.
Our mortgage is up for renewal this year and, because of the economy, we can get a much lower interest rate (almost 2.5% lower) the question weâ€[emoji]8482[/emoji]re being asked is whether we want to drop our monthly payments to reflect the new rate (knocking $200 a month off our mortgage) or keep our current payment and amortize the mortgage 5 years sooner.
I have no idea which to do. Paying the house off sooner is something that really appeals to me, but if we took the extra $200 a month, we could use it to pay off our student loans sooner.
Any thoughts or ideas are more than welcome.
Our mortgage is up for renewal this year and, because of the economy, we can get a much lower interest rate (almost 2.5% lower) the question weâ€[emoji]8482[/emoji]re being asked is whether we want to drop our monthly payments to reflect the new rate (knocking $200 a month off our mortgage) or keep our current payment and amortize the mortgage 5 years sooner.
I have no idea which to do. Paying the house off sooner is something that really appeals to me, but if we took the extra $200 a month, we could use it to pay off our student loans sooner.
Any thoughts or ideas are more than welcome.