DH and I were in a similar situation last year. We sold a nice house and bought a dumpy fixer-upper. In our case, we put 20% down on the new house just because we find mortgage insurance really annoying. I really enjoy having the extra money freed up for other investments. We have a nice interest rate, so our payments are pretty low. Plus, we may sell this house in the near future, so it didn't make sense to pay off the house right away.If I were you, I think I would feel better about having the money in the bank while I was looking for employment.
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