Dsloan
·First of all, I'm not sure if your husband understands that putting extra money into your mortgage will not necessarily help your current cost of living:
https://www.forbes.com/sites/kristi...gage-wont-lower-your-payment/?sh=49ec782e74e3
Because it won't automatically lower payments. You won't actually benefit until near the end of the mortgage (15 years from now? 20?) when you have paid it off a month or two earlier.
If you need to have a lower mortgage payment each month, you need to either refinance OR recast the mortgage with the lump sum, but that will require permission from the mortgage holder.
You might want to discuss with your husband what he expects to happen when he pays the bank that money and do a little more research. When he sees how it won't affect the month-to-month expenses immediately, he might decide he'd rather have the Speedmaster now!
I agree. If you run the numbers, paying down a mortgage early is usually an inferior investment (unless this is a new mortgage at a high-interest rate). If you're worried about the current economic situation, why tie up your money in illiquid assets? For some reason, people tend to try and do this sort of thing in bear markets, and then miss out when the market rebounds. At least you can unload the watch and recoup some money quickly if you need to!

That said, we're all built differently, and I totally get that some people just hate the lingering stress of having debts. For some people it may be the right personal financial decision despite what the math indicates.

