You have 100k left on your mortgage and you can’t write a check for it right now? Pffft...you’re not worthy to be on this site. Let me ask you a question...what kind of cars are you driving? You obviously have more house than you can afford so I assume you’ve got cars you can’t afford as well.
I'm not sure if you are being serious or sarcastic but I'm sorry if I'm not just filthy rich like some seem to be apparently... Our mtg is our only debt right now and haven't had a car payment in years. Our cars are a 2007 Impala and 2015 Traverse so no we aren't driving cars we can't afford either and not in the market to replace one for at least 2-3 more years maybe. There is no way I could write a check for 100k today and pay the whole thing off without depleting all our savings and investments as well as probably dipping into retirement funds too. Definitely not into more house than we can afford, if anything we probably could easily qualify for much more house than we currently own but we don't have the want nor need for it. We also have 2 kids, 1 still in daycare (used to have both in daycare just a year ago) and we've made a priority to contribute to their 529 college savings plans since they day their were born. We don't live high on the hog with stuff in our house either, very moderate and inexpensive furnishings and we definitely don't buy the latest and greatest technology as the newest TV in the house is 6 years old while our main TV is probably over 10 years old now as I can't even remember what year we bought it. No iPads, Alexa or any stuff like that and last time we upgraded cell phones was about 2.5 years ago too.
Thanks for passing judgement before you knew the situation... I'd call being 40 years old and only having a single 100k debt when others have student loans, car loans, possible CC debt, etc all on their plate I'm be thrilled to be in a situation to have our house paid off before our kids start college. I owned a home for 10 years that I bought 1 year out of college before we bought the house we are in now and brought over about 50k of equity from that house so we didn't have to take out a larger loan. I feel very grateful and blessed that I'm in the financial situation as I am in now because I know people in a helluva lot more debt than us that probably are stretched thin paycheck to paycheck.
Congrats on the low mortgage balance! Unless you are looking to take some equity out, or have a high interest rate already.. I bet you are better off just getting that baby to $0. Good work
Thank you, would love to get that paid down faster. We're 6 years in at 4.3% on a 30 year right now so it obviously makes since to take advantage of the rates right now and go down to 15 year which really isn't going to change our monthly payment much and help us pay that off much faster.