Should I get an home equity loan or should I save my money and pay with cash?

I own a house that will be paid off next year. I want to do some remodeling in my house like a new kitchen, all new travertine floors, new doors and some other things. The total of my remodeling will be about $45,000 including all the labor and materials. My question is: Do I get a home equity loan for... show more I own a house that will be paid off next year.

I want to do some remodeling in my house like a new kitchen, all new travertine floors, new doors and some other things.

The total of my remodeling will be about $45,000 including all the labor and materials.

My question is: Do I get a home equity loan for 7% to8% or do I save my extra cash and pay for the remodeling in full in about 2-3 years after I pay off my house?

If I get a home equity loan for about 5 years, I will pay nearly $10,000 in interest alone. That’s a lot of money!

Any ideas?


P.S. I have no debt except my house loan. No credit cards, no cars, no school loans, no nothing!I have a credit score of 780 and I don't like to pay interest if I don't have to!
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