Should I Pay Off My Mortgage Early or Save for College?

Should I Pay Off My Mortgage Early? Heck No! A lot of people would love to pay off their mortgage as soon as possible. But what if you could actually make money by keeping your mortgage, even if you have the ability to pay it off?

if you have a 30-year $200,000 mortgage at an interest rate of 5%, making biweekly instead of monthly payments would save you $34,328 in interest and allow you to pay off the loan almost five years.

If you’re paying off your home loan well in advance, those fees can add up quickly. For example, a 3% prepayment penalty on a $250,000 mortgage would cost you $7,500. In the process of trying to save money by paying off your mortgage early, you could actually lose money if you have to pay a hefty penalty.

Paying off your mortgage early frees up that future money for other uses. While it’s true you may lose the mortgage interest tax deduction, the savings on servicing the debt can still be substantial. Besides, the closer you get to paying off the loan, the more of each monthly payment goes to principal, decreasing the amount you can deduct.

If you take a 30-year $300,000 mortgage today and pay off your loan 8 1/2 years early, the $80,000 you’ll save in interest comes more than 21 years in the future, so you effectively save less than.

If you’re one of the millions of Americans who is in debt but doesn’t want to be, you have a decision to make: Should you pay off your debt aggressively by making extra payments, or should you use.

It’s a common question–should you pay off your mortgage early? Here are 5 reasons it may be a mistake, and one reason it’s a great idea.. It’s not enough to pay off debt and save before.

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Directing excess cash towards paying down a mortgage means those funds aren’t available for investing. directing excess cash towards paying down a mortgage means those funds aren’t available for investing..

Advertisement When people ask me whether or not they should pay off their mortgage, my answer is always, unequivocally YES. There are a number of psychological and financial burdens that are lifted once that proverbial noose around the neck is loosened. There’s a world of happiness and freedom out there just waiting for you once [.]

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