Should I Pay Off My Mortgage? 5 Reasons Why It Makes Sense

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.

The Behavioral Aspect of Being Mortgage Free

There is less stress and worry by eliminating the most significant bill in most households.

1

Guaranteed Return on Investment

By paying down your monthly mortgage, you are getting a guaranteed return in the amount of your mortgage rate.

2

Decrease in Monthly Expenses

It would help if you spent less than you earned and invested the difference until you get to 25 times your expenses.

3

Recession Protection

Another recession is coming (we don’t know when), so hopefully, people don’t make the same mistakes as last time.

4

Are You Really Going to Invest the Extra Money?

Again, personal finance is more of a behavioral game than anything, and many of us will find reasons to spend that money on something else.

5

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