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The Moneyist: My wife and I have a $1 million mortgage and $200,000 in cash — do we reduce our repayments or invest it?

Dear Moneyist,

My wife and I are in our mid 30s and have been blessed enough to be relatively debt-free and purchase our first home together.

Should we use that $200,000 to recast our mortgage — reduce the outstanding sum without altering the original terms — or invest the money? Our interest rate is low at 3.5%.

‘First World Problems’

We were able to make a 20% down payment, but our remaining balance is still over $1 million. I decided to sell the town house I purchased years ago, and was able to come up with an additional $400,000.

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