MORTGAGE

Do I need to pay off my mortgage sooner?

By Ajay Pandit

Jan 18, 2023

Iage Credit - Google.com

There are a number of very compelling reasons to think about refinancing a mortgage, 

Iage Credit - Google.com

whether that entails increasing the monthly payment by a little amount or 

Iage Credit - Google.com

making a one-time contribution toward the principal. 

Iage Credit - Google.com

The following three advantages can be obtained by paying off your home debt early.

Iage Credit - Google.com

Your monthly living expenditures will be significantly reduced if you stop paying a mortgage. 

1. Your living expenses will be decreased.

Iage Credit - Google.com

The less you and your family need to save for emergencies to feel safe financially, the lower your living expenditures must be. 

1. Your living expenses will be decreased.

Iage Credit - Google.com

If your monthly expenses are lower, you may be able to retire sooner or with less money saved.

1. Your living expenses will be decreased.

Iage Credit - Google.com

You will save more money on interest fees if you pay off your mortgage early than if you wait until it's due. 

2. Savings on Interest

Iage Credit - Google.com

Your total principal-only payments and when in the amortisation plan you make them 

2. Savings on Interest

Iage Credit - Google.com

will determine how much you'll save (how early into the loan they are applied).

2. Savings on Interest