Paying off your mortgage early can be considered a smart financial move in certain circumstances. Borrowers that don’t have other debt with higher interest, have a high mortgage rate, and aren’t interested in investing in any other avenues are usually a good candidate to pay early.
On the other hand, those that have a low mortgage rate, or other debt with higher interest, such as credit cards, car payments or student loans, are often better off paying those accounts first before considering paying extra towards their mortgage.
There is no set rules because everyone’s financial situation varies. Our early mortgage payoff calculator can help you see the advantages of an early payoff.
