12 Benefits of a Paid Off Mortgage [Life After Mortgage is Paid Off]

12 Benefits of a Paid Off Mortgage [Life After Mortgage is Paid Off]
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Your home can be a forced savings vehicle, and paying off an additional mortgage can save you thousands of dollars in interest over time, as well as help you raise capital in your home faster. One of the arguments for defaulting on a mortgage is that you can do more with the same money by investing it, as long as the expected return is higher than what you pay in interest on the loan. For example, if you earn a 6% return on your investment and your mortgage is 5%, you have a 1% advantage on your money. So if you pay your mortgage 10 years early by investing in the stock market for 10 years, you’re likely to stand out by investing.

As with biweekly payments, you can simply make an additional mortgage payment once a year, or pay an additional amount each month (for example, $250 more) on top of what you’ve already paid. You can do this by making an additional principal payment each month or by sending a partial lump sum.

This strategy can save significant interest and shorten loan terms, while maintaining diversification and liquidity. Or, if your interest rates are already low, you can save on closing refinancing and just pay off your 30-year mortgage like a 15-year mortgage. If you’re paying more than the current rate and can’t refinance, it might make more sense to pay off your mortgage.

Paying off your mortgage early helps provide financial stability, and you can save money in the long run by reducing interest. If you plan to get a lower interest rate, refinancing with a 15-year mortgage means you’ll pay off your loan faster. By paying more each month, you’ll pay off your entire loan early. You may pay a higher interest rate on a credit card or private student loan than on a mortgage, so you can get more value by paying up front.

Also, the closer you get to paying off your loan, the more principal you pay each month, reducing the amount you can deduct. Because most of the monthly payments in the first few years of the loan are interest, they can actually go up. Every month you pay your mortgage, a portion of the money goes toward interest, so the less you pay, the less interest you’ll pay.

The amount you save in interest payments by paying off your mortgage early may not exceed the amount you could earn if you invested that money elsewhere. If you have to pay higher payments if you need to, but otherwise find it difficult to pay higher payments, it might make sense to choose a 15-year mortgage rather than a 30-year loan.

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DISCLAIMER: Content is for informational purposes only and should not be considered personal financial advice. This video and description may contain affiliate links. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. https://youtu.be/8gbYwnNiQtQ

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