To close a house loan or to make a good down payment for better house?

Hello. I am wondering whether to make early payment and finish a loan i took for my current apartment, 20 years, annual interest of 5.5%, paying since 7 years, capital remaining is about 80k usd, OR to use the cash i have in hand for another better and more expensive residence. Considering that I am no longer an employee and thus have no salary which will make it impossible to have another loan from bank. Also, considering the idea of selling the current apartment without any rush (within a year), make a slight profit, then closing the loan. Any advice of how to decide and what to watch for?

Thanks in advance.

Submitted July 16, 2017 at 02:38AM by AymanSafi

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