So today I find myself pondering something involving Chez Haus.
We have a pretty tiny scrap left on a ~3% interest mortgage (To the tune of less than a decent new car amount of money). I have kept to my logic that the money I can deploy is making more than the mortgage rate so it doesn't make sense to pay it off. This seems to be good logical thinking.
But now I'm realizing the high yield savings account I keep a good portion of my "quickly accessible buffer cash" in has two characteristics which is giving me pause :
- The bank has dropped the interest rate for the third time this year. It's now only paying around .3% more than my mortgage rate
- The amount I have over time squirreled away into this account is around 150% what it would take to pay off the mortgage.
So now, on this chilly Saturday, I am sitting here wondering if the "good feeling" having my mortgage wholly paid off would give me would be worth losing that .3% yield benefit....
Am I insane? Is there something I'm not considering here? Should I instead move it into something just more lucrative (like SPY at a minimum...)
