Backstory: Currently own a townhouse worth around 350k. I fully support an elderly parent who lives now lives in it...costs me around 10k a year in taxes and utilities(i charge no rent). She loves it there so there is no question of every selling it or putting that property in jeopardy while she is there. I live with my wife in another townhouse worth around 350k and has 150k left on that mortgage(5.25%). I pay an extra 1000 on the mortgage each month.
We love the warm weather in Florida and want to spend 51% of our time in FL. Prices in the area in Florida area we want to move to are in a decline, so we would like to purchase there by the end of the year, if possible. I work remote.
i make around 200k a year. Have around 150k in cash and 75k in stocks. I'll get a pension when i'm 59 and i have a healthy 401k. No CC debt and one car payment . We are in our mid 40s, no kids. We worked our asses off our entire lives and kinda want to start enjoying life already.
I don't want to have two mortgages(personal preference), so i want to pay off my existing mortgage asap. I qualify for the VA loan, but have never used it before.
Anyway, whats my best bet to pay off this mortgage? Drain all my cash or sell my stock and pay remaining with cash? i'll get hit with capital gains on the stocks. Open to any better advice as well.
original posted by LinkVarious7771 to r/personalfinance on Thu, 18 Apr 2024 13:02:32 GMT.