paying off your mortgage

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The answer to the first question, “does it hurt your scores to pay off your mortgage ?” is a bit more nuanced as we'll explain in a moment.

By paying off your mortgage you eliminate interest costs. This lowers your monthly expenses and reduces the total cost to own your home. No interest is better than a mortgage tax deduction. If you keep the mortgage to get the tax deduction then you’re paying $1 to the bank to get a $0.25 tax deduction (assuming a 25% tax bracket).

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How much interest can be saved by increasing your mortgage payment? This mortgage payoff calculator helps you find out. Click the "View Report" button to see a complete amortization payment schedule.

Every little bit-even if it’s just $20 or $50 a month-that you pay toward your principal is less that you’ll ultimately pay in interest. For instance, maybe you have a monthly mortgage payment of $954.83. If you round up the payment to $1,000 by putting in an extra $45.17, you’ll pay off your debt two years and five months early.

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Should you pay off your mortgage? As with so many financial issues, the answer is: It depends. A couple recently came to me for financial advice – after drastically changing their entire financial.

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If you’ve finally paid off your mortgage debt, keep that trend going by applying your monthly mortgage payment to other debts. Start with high-interest debts, such as any unpaid credit card balances. Once that debt is paid off, move to the debt with the next-highest interest rate, such as any car payments or any student loans you’re responsible for.

By paying off your mortgage early, you’ll save on the additional interest expense that would have been incurred in your regular payments. This savings can be significant, and will increase with the prepayment amount. However, by directing excess cash towards paying down a mortgage, those funds are no longer available for investment. The lower.

How I paid off my $86,000 mortgage in 2 years Image Credit: Dreamstime.com Take a moment and think about how your life would be different if you never had to make another mortgage payment again.

After purchasing your home, you might be more focused on making your monthly mortgage payments than on figuring out your mortgage payoff.