We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.
What to do with extra $25k

ranman1973
Posts: 2 Newbie
I have an extra $25k in the bank that I came into unexpectedly. Some people say I should put in on my mortgage, but I'm only paying 3.55% so it seems like a waste... suggestions? P.S. I'm in canada
0
Comments
-
you could always send it to me, I know what I would do with an extra 25k, if its canadian dollars or not!
In all seriousness, there are 3 options.- Pay towards mortgage
- Save it in the highest rate account possible
- Spend it and live luxury life for 6 months or so!
Between option 1 & 2 is just straight forward maths in my opinion. Work out how much it would save you to pay that amount off the mortgage and how much it would earn you if you invested. Basically, what rate are you paying for your maortgage and what rate are you getting in savings. Whatevers higher is where the money goes. To be careful if you save then make sure as rates change you are ready to move the money from your savings to the mortgage, cos at some point the mortgage rate is likely to be higher than the savings, if its not already!
Oh almost forgot stick the lot on red/black (choice of colour is all yours). After all you wont miss 25k you never had but having 50k well thats a good holiday after paying off some of the mortgage!!!Here to help and be helped!
New to MB, running profit, £16 from MB, £30 cashback!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.3K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 240.9K Work, Benefits & Business
- 617.2K Mortgages, Homes & Bills
- 175.7K Life & Family
- 254.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards