Paying off your mortgage early helps you save money in the long run, but it isn't for everyone
- Paying off your mortgage early is a good way to free up monthly cashflow and pay less in interest.
- But you'll lose your mortgage interest tax deduction, and you'd probably earn more by investing instead.
- Before making your decision, consider how you would use the extra money each month.
Paying off your mortgage early can be a wise financial move. You'll have more cash to play with each month once you're no longer making payments, and you'll save money in interest.
Making extra mortgage payments isn't for everyone, though. You may be better off focusing on other debt or investing the money instead. Here are the pros and cons to paying off your mortgage early.
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