Special offer

The Pros and Cons of Paying Off Your Mortgage Early

By
Mortgage and Lending with ChangeMyRate.com® A Mortgage Corporation NMLS #1326269

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.

For more information read our helpful guide the SCOOP! Blog

Comments (2)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jackie, I am getting very close to having my mortgage paid off, but working on aligning this with my retirement years.

Jun 06, 2021 07:30 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Hi Jackie,  Thank you for sharing these pros and cons to paying off your mortgage early.  I have been considering some of these in trying to make a decision.

Jun 06, 2021 09:04 PM