Windfall: Pay off house?
 

Okay, you owe $200k on your mortgage and you get a windfall of $300k. Pay off the house or not? Interest rate is around 6% 30 year fixed on the mortgage.

WWOTD?

you have to think of how much interest u can get with the money. if it's less than your interest, pay off the loan first.

I would move.

Yes I would say pay off your debts first, a mortgage is good for your credit score (provided you always pay on time). Got a retirement (investment) plan in place yet? If not, now's a perfect time to start!

:iagree:

or pay off half of it and invest the rest

and by me a turbo kit

you know there is a finance part of this board now don't ya? :D

I would find a good private equity fund and invest half (pay off the half the house with the other half).....we are getting 22% return on our investment(excess cashflow being distributed out of an LLC) in the company I work for, plus the company is going up in value so hopefully when i cash out my $ will have returned 35-40% annually.

just a thought. Find someone you trust though...not sure how you do that.

Our company was previously owned by a place that bought it for $18M then 3 years later sold it for almost $45M (net after paying loans off). they only invested $3M in capital and turned it into a $25m payout for their investors.... pretty freaking sweet....

I'd pay off the mortgage, then all other debts. I'd be a real happy camper then.

where can i get a windfall of $300k?

It was a hypothetical question at this point in time. :)

Thanks for the comments!

i hope you're not dealing with nigerians. :eek2: