Do I need to pay off my mortgage sooner?

MORTGAGE By Ajay Pandit Jan 18, 2023

[{"selector":"#anim-6a1406c1-7826-463f-bd19-088ce187f56c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-40.297825557640536%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com There are a number of very compelling reasons to think about refinancing a mortgage,

[{"selector":"#anim-bef320e9-7f45-407b-9261-96a90e2e072b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(50.74368975925812%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com whether that entails increasing the monthly payment by a little amount or

[{"selector":"#anim-eb82cd94-41b2-44d5-8348-f5c517b64acf [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Iage Credit - Google.com making a one-time contribution toward the principal.

[{"selector":"#anim-b2f1f0f4-5932-4855-bbb0-e0f7125448bc [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-30.01824805393398%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Iage Credit - Google.com The following three advantages can be obtained by paying off your home debt early.

[{"selector":"#anim-5d525b3f-6015-4127-8088-1df9483e5c16 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-71.81081453663919%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] 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.

[{"selector":"#anim-86460b07-b68e-4e7c-bb18-e5c49c28a0bf [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(26.573767978557765%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] 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.

[{"selector":"#anim-42bf7d5f-e213-4e94-8500-44000e2e5baf [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(16.185897371364888%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] 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.

[{"selector":"#anim-519cdc8e-dadf-4753-a945-0668936d02bc [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.166442315117415%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] 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

[{"selector":"#anim-774b87ad-d872-44ea-acc8-8b117d247c02 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-42.56625216398749%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com Your total principal-only payments and when in the amortisation plan you make them 2. Savings on Interest

[{"selector":"#anim-5301ace0-f3d0-43b8-870f-f1096018e78d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-6.439764430418624%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Iage Credit - Google.com will determine how much you'll save (how early into the loan they are applied). 2. Savings on Interest Learn more