I recently looked at my savings account and realized that I was getting a whopping 0.2% on my Money Market account. 0.2%!!!
On the other hand, my low interest mortage is 5.375%. That means that any money I can use to pay down my mortgage effectively earns me 5% +, and that is on a low interest rate mortgage. If you’re mortage interest rate is higher, that will earn you even more. That is 500 dollars a year for every 10k in money that is sitting in my money market account rather than being used to pay down my mortgage.
Yet another reason to work toward paying off your mortgage early.
{ 0 comments… add one now }