On first glance, the question of whether or not to pay off your mortgage early may seem obvious—in either direction. Or is it? There are a lot of reasons to consider doing it either way, regardless of how clear the issue may seem to you initially.
Odds are you’ll probably end up going the way of your instincts anyway, but here are some concrete advantages and disadvantages to paying off your mortgage early.
Pros of paying off your mortgage early:
Pros to paying off your mortgage slowly:
So, should you pay off your mortgage early or not? As you can see, there is no right or wrong answer to this question.
It comes down to you. What do you want from your life now and in the future, and what do you need the most? What kind of security to you value—liquid cash or real property? Do you plan to invest? Your answer could also change with time, so re-evaluate your needs and your goals each year and see if your answer is still the same.