It's a question that our real estate agents get asked all the time. When should you pay off your mortgage early, and when shouldn't you? It would seem that if one can pay off debt sooner rather than later, then there's no reason not to do so. But of course, mortgages are a bit more complex, and the answer depends on a variety of factors.
The biggest advantage of paying off your mortgage early is saving money on interest costs. Just like any loan, the longer you take to pay off your mortgage, the more you'll end up paying in interest. It's worth noting that a 15-year mortgage comes with a much lower interest rate than the more common 30-year mortgage.
Still, there are certain situations in which financial experts tend to advise against paying off a mortgage early. For example, if you're locked into a 30-year mortgage at a low interest rate, you can reap greater financial rewards by investing your money elsewhere rather than using it to repay your mortgage.
But for many homeowners, there are financial benefits to paying off your home loan early. And just as importantly, it's not always purely a financial decision. It's also an emotional one. The relief that comes with being free from debt is no small thing. It comes down to what you value the most.