I have about $200,000 which I need to figure out how use, I see 2 good options for me
1- pay off principal off my $550K home mortgage (currently I think at 6.125% 3/1 arm) (side note -- should I refinance this? it seems the rates are lower now)
2- put money in a 5%+ money market / savings account
I realize I'm getting a tax break on the home mortgage, so if I pay it off I lose some tax deductions, but at the same time I'd have to pay taxes on the interest from the MMA so I'm not sure which is better, or does it not make too much of a difference?
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
