In the Fairbanks Daily News-Miner, Roxie Rodgers Dinstel lists reasons not to pay off a mortgage early. Here are some questions to consider:
- Do you have credit card debt?
- Do you have an emergency fund?
- Do you have enough in retirement?
- How long do you intend to live in your house?
- How old are you?
- Do you want to be debt-free?
- Or are you comfortable with that payment?
Read the Fairbanks Daily News-Miner article: Paying off your mortgage doesn’t have to be top priority.
All these considerations aside, paying off your mortgage early can result in a savings throughout the life of your loan. A $200,000 mortgage at 4 percent paid for in 23 years instead of 30 can save you almost $40,000.