Read the others. Apologies for the repost, but believe I am in a different situation.
Recent windfall of $1 million.
39 with 38yo wife. Remaining mortgage balance is $931k. Rate is 4.99%. Monthly payment is ~ $6600, which includes escrow and PMI. Payment is about half of spouse and my monthly take home. It was recently about 30%, but she took a new job that offers the possibility to make it an even smaller percentage.
Other info. ~$350k in 401ks, 30k in Roth IRAs, $30k in emergency, $20k in taxable (we drained it to get in the house).
Having meetings with fee-based CFPs to establish a plan, and was mostly considering a three fund portfolio for the vast majority of the windfall. I have one running the numbers for me on paying off the mortgage. I’ve been reading various positions on the matter and would love some thoughts on my particular position.
One thing to note: spouse and I have become better savers, improving yearly, but we also like to spend. First thing I thought when I was informed of the windfall was, “I’m never flying coach again.” Of course the $6600 from not having the mortgage could be invested each month, but I think it’s important to be honest about my proclivities.
Recent windfall of $1 million.
39 with 38yo wife. Remaining mortgage balance is $931k. Rate is 4.99%. Monthly payment is ~ $6600, which includes escrow and PMI. Payment is about half of spouse and my monthly take home. It was recently about 30%, but she took a new job that offers the possibility to make it an even smaller percentage.
Other info. ~$350k in 401ks, 30k in Roth IRAs, $30k in emergency, $20k in taxable (we drained it to get in the house).
Having meetings with fee-based CFPs to establish a plan, and was mostly considering a three fund portfolio for the vast majority of the windfall. I have one running the numbers for me on paying off the mortgage. I’ve been reading various positions on the matter and would love some thoughts on my particular position.
One thing to note: spouse and I have become better savers, improving yearly, but we also like to spend. First thing I thought when I was informed of the windfall was, “I’m never flying coach again.” Of course the $6600 from not having the mortgage could be invested each month, but I think it’s important to be honest about my proclivities.
Statistics: Posted by mza94jx — Sun Jun 30, 2024 8:44 pm — Replies 10 — Views 477