Should I Pay Off My Mortgage Early?
Many people think that real estate debt is good debt. They think that their mortgage is their biggest "tax deduction" and is, therefore, a good thing. While it is true that some people get a nice deduction on their taxes, it is not necessarily true for many people. For instance if you pay less than $10,000 mortgage interest in a year, you get no deduction at all!
Here are three reasons to pay off your mortgage early:
When real estate appreciation is low (i.e. after a real estate bubble) it makes sense to pay down your mortgage
If you have investment options that offer a high rate of return, such as happens in a fast appreciating real estate market, it makes sense to invest in these options and not use your money to pay down your mortgage. However, when there are not a lot of high yield low risk options for your money it makes more sense to pay down your mortgage.
Have more peace of mind when your house is paid off early.
Peace of mind is not necessarily quantifiable when talking about return on investment, but some people measure wealth in terms of quality of life, free time, and other intangibles. Since your mortgage is your largest expense, paying off your mortgage leads to peace of mind. Approaching retirement debt-free is important to many people, especially in these uncertain financial times.
The older you are, the more it makes sense to pay off your mortgage.
When you get older, investments in riskier instruments like stock or mutual funds can crack your nest egg. Investing in a sure, virtually risk-free proposition, such as paying your mortgage early makes good sense.
These are just a few reasons to pay down your mortgage quickly.
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