Daily FI discussion thread - December 06, 2018

I'm don't feel like I'm even close to starting but would like some advice.

We bought our house 6 years ago, current mortgage is 77k and Monday we are selling it for 180k (95k profit after all closing costs).

Don't think we could afford the two mortgages at a time, so should I consider paying off half the current 77k and refinancing to get a lower payment so that I can have the extra ~38k in reserves earning interest?

I was told cash is king and am expecting some sort of recession in the next few years.

I know I'd lose some fees with a refinance but I just had the epiphany that I may not need to immediately pay off the whole old mortgage.

Thanks for any help

/r/financialindependence Thread