We currently have a remaining mortgage of approx €20k, which will be paid off in just over 2 years if we continue as normal.
However, we are in the fortunate position of having savings of €36k, and have been contemplating paying it off now to save on the couple of years of annual interest, which would easily subsidise a family holiday or do some work to the house.
We both work full time, young family, no other major debts/loans.
At the moment its maybe psychological that it would make such a dent in our savings, but would it be the sensible thing to do, since we would still have some savings for unforeseen circumstances, plus we would have that mortgage payment now free every month?
What would you do?
However, we are in the fortunate position of having savings of €36k, and have been contemplating paying it off now to save on the couple of years of annual interest, which would easily subsidise a family holiday or do some work to the house.
We both work full time, young family, no other major debts/loans.
At the moment its maybe psychological that it would make such a dent in our savings, but would it be the sensible thing to do, since we would still have some savings for unforeseen circumstances, plus we would have that mortgage payment now free every month?
What would you do?
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