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Should I pay off my mortgage early?
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FAIRFIELD-SUISUN, CALIFORNIA
Paying off a mortgage early can bring peace of mind, but it s not always an optimal financial decision. (Dreamstime.com/TNS)
Does it make sense to pay off your mortgage early?
Miranda Marquit, Bankrate.com
When you own a home, the thought of a mortgage hanging over your head for decades can be daunting for many people and it’s natural to want to pay off your mortgage as soon as possible.
But before you decide to use an inheritance, raise or your savings to pay off your mortgage (or even before you decide to make extra payments), it’s important to take a step back and determine whether it really makes financial sense for you.
Does it make sense to pay off your mortgage early? Bankrate 1/6/2021 © Monkey Business Images/Shutterstock Monkey Business Images/Shutterstock
When you own a home, the thought of a mortgage hanging over your head for decades can be daunting for many people - and it s natural to want to pay off your mortgage as soon as possible.
But before you decide to use an inheritance, raise or your savings to pay off your mortgage (or even before you decide to make extra payments), it s important to take a step back and determine whether it really makes financial sense for you.
In some cases, the amount you save on interest when you pay off your mortgage early might not exceed what you would earn if you put the money to work elsewhere. On the other hand, sometimes it s not about the return on other investments and more about peace of mind or freeing up cash flow for other opportunities.