For context: I’ve gotten loads of recommendation on this matter, together with from two monetary planners, however nobody is ideal so I figured I might ask the hive thoughts. I am not at a “make or break” level in my life, I am not taking something stated right here as “holy crap I’ve gotta do this instantly.” Simply on the lookout for opinions.
41, US, stable job, not married/financially entangled severely.
Alright. I’ve acquired $66,000 left on a 15-year mortgage. 3.125%, matures July 2031 (name it 6.5 years).
I’ve $77,000 in a HYSA with a variable charge, simply shifted right down to 4.54% APY. Including $6,500 yearly.
Emergency fund outdoors of the HYSA is about $20k.
401k, Roth IRA, Conventional IRA (outdated 401k rollovers), and brokerage is available in at about $950,000. These are NOT to be touched – solely together with this as further data.
The query: Provided that rates of interest on the HYSA have dropped about 1% up to now 12 months, and I may repay the mortgage and preserve about $10k within the HYSA, would you:
A) Hold funding the HYSA at present charge and repay the mortgage as soon as the rates of interest invert (i.e., HYSA charge meets or drops under mortgage charge)
OR
B) Repay mortgage, use mortgage precept/curiosity quantity to put money into one thing like SPY, and save escrow for insurance coverage and taxes?
