Author Topic: Pay off house before moving?  (Read 343 times)

Ron_MMM

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Pay off house before moving?
« on: April 01, 2019, 11:04:01 AM »
Hey gang,

I've done a lot of reading (MMM and others) as well as talking with some smart people, but I'm curious what you fine folks think about the specific situation.

We owe about $60k on our first house, 4.875%, and a realtor thinks it could sell for $140-150k netting us about $130k after costs.

However, if we put all of our extra income towards the mortgage, we could probably pay the house off by the end of next year.

Does it make sense to try and pay off the house early if we're planning to sell it?

I love the idea of being debt free (and thus a smaller loan in the future).

But I'd also love a home closer to nature and a little bit bigger for our growing family.

EDIT: Going to put a little money towards fixing up the house either way (small projects like new front door, ceiling fan, fresh paint, etc.)

Then:

Option A - Sell the house, pocket around 60k, rent and look for a new home.
Option B - Pay the house off in 1.5 years, sell the house pocket around $130k, rent and look for a new home.

Should I put investing on hold for 1.5 years or just put in a minimum? Is there anything obvious I'm missing here?
« Last Edit: April 01, 2019, 12:21:24 PM by Ron_MMM »