Should I Pay Down My Mortgage?
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 12 June 2018
⏱️ 6 minutes
🔗️ Recording | iTunes | RSS
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Summary
If you have some extra cash on hand does it make sense to try and pay off the mortgage early? That's the topic this week on the latest BONUS call as we chat with Nick from Milwaukee. “Better Off” is sponsored by Betterment. We love feedback so please leave us a rating or review in Apple Podcasts. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.youtube.com/c/JillSchlesinger https://www.linkedin.com/in/jillonmoney/ http://www.stitcher.com/podcast/jill-on-money https://apple.co/2pmVi50
Transcript
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| 0:00.0 | Welcome to the Better Off Bonus Call of the Week. |
| 0:06.0 | We're sponsored by Betterment, the largest online financial advisor. |
| 0:09.8 | If you'd like to get on the show live with us just send us an email ask Jill at better off |
| 0:14.2 | podcast dot com we drop two of your calls every single week so get busy send us an |
| 0:19.9 | email and let us help you out today Today we're talking to Nick, who we think is our first caller |
| 0:26.4 | from Milwaukee, home of the Bucks. |
| 0:29.8 | Hello, Nick. |
| 0:30.8 | Welcome to Better Off. |
| 0:31.8 | What can I do for you? |
| 0:32.8 | Hi, I had a question. |
| 0:35.3 | I just recently purchased a house. |
| 0:37.4 | Congratulations. |
| 0:38.4 | Thank you. |
| 0:39.8 | Had a condo before that, which I sold. And I've made enough from the sale that I can pay down my |
| 0:47.1 | mortgage to where I no longer have PMI. |
| 0:50.3 | Great. |
| 0:51.5 | And I was wondering I have the option of doing a recast and kind of reset the payments on the mortgage. |
| 0:58.0 | I was wondering if there would be any benefit to doing that if I'm in the long term if I'm paying say the same amount each |
| 1:08.1 | month would there be any benefit to recasting and paying extra or just paying the normal payment now which would be about as much as I can afford anyway. |
| 1:17.6 | Okay so let's just let's go back for a second. You sold a condo and you bought a new home. How much would you pay for the new home? |
| 1:26.7 | 125. Okay and the mortgage amount that you have for this home is how much? |
| 1:33.6 | What's the outstand like what did you borrow the total amount |
... |
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