Should I pay off my 30 year mortgage early?

+1 vote
asked Jul 21, 2017 in Real Estate - Renting by geert (260 points)
Should I pay off my 30 year mortgage earlier?

I have a 30 year mortgage on my house which I'm 10 years into. Should I start paying more each month on my mortgage to pay it off sooner or should I just continue to pay the mortgage for another 20 years?

What is it like to have your mortgage paid off and was it worth it to you to pay off your mortgage sooner?

1 Answer

0 votes
answered Jul 21, 2017 by dere (360 points)
If you can afford the extra money to put into the payments then it's best to pay off your mortgage sooner.

Having a paid off mortgage is a huge relief and stress reliever. Knowing that your home is paid for and you owe the bank no more money is priceless.

Yes you still have property taxes and insurance to pay. But you won't have that mortgage payment debt hanging over your head.

30 years is a long time to continue making payments and in that time you could get laid off your job then you'd have to scramble to find another job to keep your mortgage payments made.

Once you have your mortgage paid off you can place the money you'd pay on your mortgage into a savings account so if you get laid off you'll have money to cover your home owners insurance, property taxes and other living expenses.

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