<p>$200,000 is a TON of debt. It is unclear where you would get the $200,000 and what your other options are. Paying back $200,000 is more than many folks’ mortgage and will definitely limit your options. You have to figure out where you’d get $200,000 before you even start throwing around that Q. </p>
<p>Our mortgage was about that amount back about 20 years ago. We got a good interest rate and have above average salaries but are still paying it now, plus each of our kids’ college tuitions. We were fortunate that we are not also paying off debts on our own educations as well, unlike some of our friends who are paying off their ed loans, their rent or mortgage and their kids’ tuitions & loans; that debt load is really pretty crushing and limits options.</p>