When considering whether to keep cash or pay off the house, it ultimately depends on your current financial situation, as well as your future plans. Here are some factors to keep in mind:
Interest Rates – If the interest rate on your mortgage is higher than the potential return on investments, it may be financially beneficial to pay off the house early and save on interest.
Debt – If you have high-interest debt such as credit card balances, it may be more urgent to pay off that debt before investing in other options.
Emergency Fund – It’s always important to have some cash on hand for emergencies. Before paying off the house, make sure you have enough saved up to cover unexpected expenses.
Future Plans – If you plan on staying in your home for a long time, paying off the house early can provide peace of mind and financial stability. On the other hand, if you plan on selling the house in the near future, it may be more beneficial to invest your savings elsewhere.
In summary, whether to keep cash or pay off the house ultimately depends on individual circumstances and goals. Consider your interest rate, debt, emergency fund, and future plans before making a decision.