I have a question for those of you who are good with numbers. I have a mortgage that costs around $1500 per month, most of which of course goes to interest. The interest is at 7 %. At the moment I actually have the money saved to pay the mortgage in full but my accountant doesn't want me to do it.

Answer:

I'm not crunching any numbers, but thinking about a concept here.... How about paying some chunk of the mortgage (half of it?) then refinancing what is left. Then you'll have a much lower payment and still have some significant savings. You could make the mortgage payment and put the difference between the $1500 you are paying now and the new (lower payment) into savings for later. I guess mostly it depends on how you are invested with your $250K and what interest it is earning. It might be interesting to talk to a different accountant/financial advisor and see what HIS opinion is about this.

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