I have been saving back money for years as an "emergency fund" and have accumulated about 75% of what my house is worth. I've also been making double payments on the mortgage of my small house. I recently lost my job and am unsure when I'll be able to secure a new one.
The thought of not having my house paid off is frightening considering my current situation. Should I pay off my house, which would leave me with about $12,000 to survive on until I find new work, or should I continue to use my emergency fund until I can secure a new job?
I only have one shot at paying off the house...if I burn into too much of my emergency savings, the interest on the mortgage will have risen to a point at which I'll no longer be able to pay it off. Thanks for your sincere insight.
2006-12-11
09:18:35
·
14 answers
·
asked by
Anonymous