Lump Sum off Mortgage

C

ChuckProphet

Guest
Hi,
I'm pretty sure of the answer here but just in case I'm missing something or someone has a better idea of how to save money.
I've a variable mortgage, 27 years left on it, 150 grand. Have about 15 grand SSIA I don't need. Gonna pay it off the mortgage.
I presume it's gonna save more money in the long run by reducing the term and keeping the monthly payment the same (which is very manageable even if interest rates go up) rather than reduce the monthly and keep the term the same?

Thanks,
Chuck.
 
Also you could up your mortgage repayment by the amount you were saving in your SSIA.
 
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