quote:

Originally posted by Fire Away:
To answer some questions.

My Wife will not be going back to work and has ~3 years until retirement age.

Both my Wife and I have credit scores north of 800.

I will not be paying off the ENTIRE principal.

Scratch my idea then. It would need longer amount of time to reap the benefits.

I would suggest as someone else did, if you can swing the 15yr do that for sure. You don't want to paying mortgage in retirement longer than you have to. It's half the time, but no where near double the payment. So much less interest.

quote:

Originally posted by JALLEN:

quote:

Originally posted by Sig209:
Can you not just make a large one-time payment to reduce the principal?

(assuming the interest rate on your current loan is attractive and you are satisfied with the loan otherwise...)

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I believe the idea is to pay off the loan with the cash from the settlement and a new loan in the amount of the remaining balance which new loan will have a significantly lower payment.

This is our intention.