What to do with $50,000 now
Given the uncertain economic picture, you probably have a chunk of change squirreled away. Here's how to best use that cash.
Do a cash-in refi
You can save lots on interest if you swap a 30-year mortgage for a 15-year. But your monthly payment can rise significantly. For example, if you're five years into a 30-year at 6% with a $300,000 balance and your new rate is 3.9%, your payment will go from $1,937 to $2,204. Assuming your other financial bases are covered, you might kick in $50,000 at closing. You'll get a less scary monthly bill of $1,837.
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Last updated October 18 2010: 12:00 PM ET
Source: Bloomberg, Morningstar, company reports
Data as of Sept. 27. Est. growth rate is estimated five-year average growth rate, annualized. P/E ratio based on forecast for next 12 months' earnings. % of revenue from overseas as of 2009. EPS (earnings per share) growth is over the past three years, annualized.
Data as of Sept. 27. Est. growth rate is estimated five-year average growth rate, annualized. P/E ratio based on forecast for next 12 months' earnings. % of revenue from overseas as of 2009. EPS (earnings per share) growth is over the past three years, annualized.
