I purchased a new home a few weeks ago (put 5% down). My old home will close in a week, and I’m wondering what I should do with the proceeds. I’m expecting around 175k from the sale.
I’m torn on whether I should 1) make a 83k payment into new mortgage to drop PMI ($70 per month) 2) make the same 83k payment and also have the mortgage recasted ($500 fee) as this will drop PMI and also lower my monthly payment ~$400 per month 3) don’t pay mortgage down at all and just put majority of the 175k proceed into the market
New mortgage interest rate is 7 year adjustable 4.4%. My emergency fund is healthy and I don’t have any other debt.
Can someone give me a sanity check here?