24 July 2013

Benefits of Paying Off Your Mortgage Early (or as Early as You Can)


1.  You'll save big on interest. Depending on where you are time-wise in the term of the loan, you stand to save literally thousands of dollars that you would have paid in interest over the life of your loan.

2.  You won't have the monthly stress of a house payment. This can be a great relief!

3.  As retirement approaches, paying your house off means you won't have to struggle with house payments on a reduced income.

4.  You'll have hundreds of dollars to spend or save monthly. It’s empowering to know that whether you want to take a couple more trips a year or concentrate on saving for the kids’ educations, you'll have money to put aside for it.

5.  Your confidence about your financial situation will increase. After all, if you pay off your mortgage early, you're likely doing something right with your budget. You have a lot to be proud of!

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