Average Money Joe MD@averagemoneymd
Last month, we received a family gift of $260,000.
We debated a lot and ultimately decided for a few reasons to drop it all on our 3.75% mortgage.
Our mortgage went from $750k --> $490k
We recognize we could have made much more investing, but it felt secure to take a little risk off the table. Mortgage calculator shows this will save us $285k in interest.
We then recasted our mortgage and our payment dropped from ~$3,800 to ~$2,400.
A little bit closer to freedom.