We owe $80,000 on our home and we have $50,000. Is it possible to pay the house off with $50,000?

We owe $80,000 on our home and we have $50,000. Is it possible to pay the house off with $50,000?
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#1

My wife draws pension and Social Security also.


#2

If you owe $80k, paying $50k toward it will definitely make a dent in the balance. However, the monthly payment won’t change unless you refinance. Before refinancing the $30k balance, be sure that it’s beneficial. If the interest rate is higher or your overall cost is higher, it’s not feasible. I hope that this helps!


#3

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