I found out my inheritance is a little less than expected ($215k not $250k) and it will not over my mortgage payoff. I don't think it would be very wise to drain my existing savings account to cover the difference, but I'm open to discussion.
As amazing as it would feel to not have a mortgage anymore, and live 100% debt free, I think realistically, I'll throw a large sum ($100k) at the principle, which will greatly increase my equality and refinance to drop my monthly payment, put another $100k in investments and use the remainder on a toy.
I always appreciate everyone's advise. One of the many things I love about SVTP is the wealth knowledge in virtually every facet of life from its members.
Couple of thoughts....
1. Don’t deplete your savings. Keep 3-6 months of take home income readily available for emergencies. Use anything you save past that (after investing) for toys and vacations.
2. Check to see how much it will cost to refinance and if you’ll save money over the life of your mortgage (compare your current loan to the refinance).
Sounds like you have a good plan though.