If you would like to payoff your home 5-15 years earlier, keep reading.
Why should you payoff your home early?A mortgage is likely the largest loan you will ever take out. Over the course of a 30-year mortgage, you'll be paying a significant sum in interest. By paying off your mortgage early, you'll be able to save on some of that interest. If you'd like to get an idea of how much interest you can save by paying off your loan early, take a look at an amortization calculator.
You'll Free up Funds.
With your mortgage payment out of your budget, you will free up some cash that can be used to further your financial stability. You can put this extra money towards your 401K, or pay down your other debts such as high-interest credit cards or auto loans.
Note that if you have high-interest credit cards, these should be paid off before you tackle paying down your lower-interest mortgage.
You'll Free up Funds.
With your mortgage payment out of your budget, you will free up some cash that can be used to further your financial stability. You can put this extra money towards your 401K, or pay down your other debts such as high-interest credit cards or auto loans.
Note that if you have high-interest credit cards, these should be paid off before you tackle paying down your lower-interest mortgage.
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