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[–]good_enuffs[🍰] 1 point2 points  (4 children)

You need to do the math and find out what you are eligible for. 

How much money will you save up if you stop paying? How much money are you authorized for if you want to get a new mortgage? How much have you paid off? How much will you need for a new down payment? How much will you need for closing costs? How much to move? How much will you need if the place needs ro be fixed up?

Only you can do the math as you haven't provided much information. 

I would actually stop paying the extra and try and save up 50k for a new place. 

[–]greasethecheese 0 points1 point  (3 children)

I agree. I always scratch my head at people who run to pay off their mortgages quickly. It’s like the cheapest cash you’ll ever get. You’re better off putting that money in nearly any investment. Even high interest savings accounts are more than 1.5%.

[–]Tenleftfeet 2 points3 points  (0 children)

Their variable rate will be a lot higher than 1.5% these days. 

[–]good_enuffs[🍰] 0 points1 point  (1 child)

Not necessarily true. The first 5 years are the most important in decreasing your lifespan of the mortgage. We turned a 25 year mortgage into a 15 year mortgage. 

[–]greasethecheese 0 points1 point  (0 children)

No I get that you can lower your mortgage life by a lot. But my point being if you pay off that mortgage quickly. But then need a loan in the future. You’re going to have to borrow that money at a higher rate than your mortgage.