Should i pay off my mortgage with lump sum payments?

[HeffDoesWant]

Yes you can pay it all off at once at the end if you want (since it is the end of the mortgage term), but what people typically do is either "renew" meaning stay with the same lender to borrow the remaining balance, amortized over the original term minus the times that has gone by so far, or else do the same with a new lender (possibly slightly better interest rate).

IF true, seems to make better sense to get a guaranteed return of 4+% then just repay the whole lot once this 5 year period ends.

But really this type of question is very much dependent on local laws, taxes, and loan specific loan conditions.

What's a great idea under 1 set of conditions could be fucking disastrous under another.

It's why financial advisers are (or should be) every clear about what is personal vs general advice.

 

[Jesus X]

I would consult with a financial advisor instead of taking advice from a bunch of knuckleheads on an MMA forum.

It is always hilarious to see folks on here asking for financial or medical advice.

 

[Aegon Spengler]

So as you all are aware, interest rates are fucked right now. They may start to lower a bit in the near future, but who knows by what amount or when.

So my mortgage right now is down to only $122k. Not too bad, payments are only $254 a week including the property tax. We've managed to set aside about $135k in disposable savings. We just had a baby girl and really wanted to make sure we would be set. So now baby is 2 months old, things are going great and we are still accumulating wealth, so my question is: do I start just paying down my mortgage? I can pay up to $28k a year in lump sums, so with my regular payments, I could have it paid off in 4 years. Of course disaster could strike at any time, I could lose my job, car could break, house could flood (it flooded a couple years ago after all). I've been grappling with this for a few months, and my wife keeps asking me what I'm thinking about it. Should I just stay the course for the remaining 13 years of my mortgage? Make smaller lump sums but keep enough just in case? Burn the house down and start a new life?

My car insurance payments are 370 bucks a month

Fucking Ontario sucks