If you find yourself asking the question, “should I pay off my mortgage” maybe this post will give you a few ideas on why it might make sense for your family.
While we continued to live below our means, we didn’t have a real plan. So making a firm decision to pay off our mortgage felt good. Finally, we had a goal again.
Before paying your mortgage, you should be free from all other debt, have an emergency fund, and put 15% into retirement savings.
I’ve talked to several people about this and never met anyone who has regretted paying off their mortgage early.
The behavioral benefits of being debt-free spill over into all aspects of life. There is less stress and worry by eliminating the most significant bill in most households.
By paying down your monthly mortgage, you are getting a guaranteed return in the amount of your mortgage rate.
Guaranteed Return on Investment
You will need less monthly passive income to achieve financial independence by eliminating the mortgage payment.