The apr for a 30 year fixed would be around 6.7 %. I don’t have access to a 457 account. As far as 529s, our plan was to start contributing to those once the mortgage dept was gone. We think we would still have plenty of time to save enough.What are the rates you’re being offered for a 30y? Personally I opted for a 30y with a slightly higher rate but I plan to pay it off way before the end of term. I like the optionality of being able to make extra payments if I want, and the differential between the 15y and 30y was almost negligible.
Mortgage size is good. Savings are good. Debt repayment plan is good.
Agree with maxing all accounts and then redirecting towards mortgage with excess income. However consider whether husband also has access to 457, and whether starting 529s makes sense. You are unlikely to get financial aid for your children for college.
Statistics: Posted by HarleeGirl — Sun May 19, 2024 7:42 pm