Paying Off Your Mortgage Early (Pros & Cons in 2022)

Paying off your mortgage early is one of the best ways to save big money.

For many, it can save you tens to hundreds of thousands of dollars.

So it may be tempting to make an early payment on a mortgage, or to implement an accelerated debt payoff strategy, especially if you have funds available.

You could be able to retire debt-free, save interest, and even redirect that savings into a higher-earning investment.

But there are downsides to consider, and paying down a mortgage early is not a good move for everyone, especially right now.
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Timestamps:
0:00 - Paying Off Your Mortgage Early
3:17 - PROS
6:36 - CONS

We have talked often and at great length about various strategies to pay down your mortgage quickly, with some even enabling a 30 year mortgage to be paid off in as little as 5 years, and for the past decade plus this has been a strategy we have recommended heavily to those who could afford to implement it.
When one is trying to boost cash flow, taking care of tens or hundreds of thousands of dollars in future interest costs is a no brainer.

This was even true for those with all-time-low interest rates.

Even with those historically low interest rates, the mortgage companies were set to make hundreds of thousands of dollars off of homeowners who would pay their mortgage over their entire 30 year term.

This is because the interest rate is not the only thing to consider when it comes to debt and debt reduction.

The term, or how long the loan is scheduled to be paid back, is equally as important to take into consideration.

The longer the term, the more that interest paid accumulates.

For example, if you were to simply pay 3% interest of $500,000, you’d be paying $15,000 in interest.

A 3% interest rate on a mortgage, however, works out to $258,880.

As you can see, the amortization schedule, or the length of time it takes to pay off the loan, heavily affects the total interest costs you’ll pay.

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Видео Paying Off Your Mortgage Early (Pros & Cons in 2022) канала VIP Financial Education