since you have many dependents, it then best to spread out your paying down to 10 years as per your plan. you also need to save up for emergencies or unforseen circumstances such as retrenchment or disability.
Quote:
Originally Posted by Unregistered411
I do have family commitment (aged parents) that i am providing for. They do not live with me and have their own property (fully paid). They are both retired, not working and not well educated, but have done their best to provide for their children.
With my parents commitment and my own household bills, cars, etc, i can probably do a min of 60k per annum of saving. Is 60k per annum considered a good percentage of saving ? with this 60k , i would take out 20k per annum over 10 years which is about 200k to do partial repayment, while during that 10 years, i would also be making similar amount of monthly mortgage totalled to about another 200k to the bank to clear the housing loan in 10 years.
Also, does it make sense to pay upfront in 4 years instead ? i would prefer to have cash on hand where i can do investments (gold, stocks, bonds). Is that a better bet?
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