What to do with $50,000 now

Low interest rates and the recent stock market surge make this a challenging time to find the best places for your extra cash.

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Prepay your mortgage

The rate gap between jumbo and conforming loans is now one percentage point -- about four times higher than normal. If you're about to refinance and are just above the cutoff (typically $417,000), put the $50,000 toward your mortgage. It could mean the difference between being charged 6.2% interest and 5.2%. That's tens of thousands of dollars over the life of a 30-year loan.

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Last updated October 21 2009: 11:03 AM ET

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