If resources are tight, it might make sense to emphasize retirement savings rather than paying a mortgage off early. In 2009, after paying off roughly $52,000 in debt, Jackie Beck and her husband decided to tackle their mortgage and pay it off early.
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Boneparth points out that if you have a mortgage rate near 4 percent but you can get a 6 percent to 7 percent return on a diversified investment portfolio, paying off your mortgage early won’t.
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That means it makes more sense to pay off high-interest credit card debt and student loans before looking to your mortgage. Even if you’ve already paid off every other ounce of debt, you’ll want to consider what else you could do with the cash you would spend on paying off your mortgage.
it probably doesn’t make sense to pay down your student loans any faster than you have to. Even if you’ve eliminated all of your credit card and other undesirable debts, it can still be a smart idea.
Paying off your mortgage early could make sense in this case. For homeowners who pay Private mortgage insurance (pmi), it may be wise to pay more than the required mortgage payment amount. That.
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In many cases, a mortgage comes with a low interest rate. If you are paying a low rate of 3.75% on your mortgage, paying it off early is similar to getting a 3.75% annualized return on an investment. (If you itemize on your taxes, your return would actually be lower, due to the tax deduction related to your mortgage interest payments.)
Stop making your mortgage lender rich at your expense. A typical 30-year mortgage at today’s average interest rate of 4.65% will involve your having to pay almost $257,000 in interest on a $300,000 loan. In the first month of your mortgage alone, almost $1,165 of your $1,550 payment goes toward interest, leaving just $385 to pay down principal.
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The Reason to Beware of mortgage accelerator scams You probably don’t need a pricey service to pay down your mortgage more quickly. There are many great reasons for wanting to pay off your mortgage fast – not in the least part because it can save you a lot of money in interest payments.