Should You Pay off Your Mortgage Early? THE TRUTH

In this video we look at the question of whether you should pay off your mortgage early or invest that money instead. Which will make you more money in the long run. Investing looks better from purely a numbers point of view, but it isn't so simple, since there is a big psychological factor to it.

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[TheFlairGuy]

I paid off my house in my 30s. I knew then and still know that "financially" it was never going to be the best thing to do, but mentally for the rest of my 30s and now my 40s I couldn't be happier having zero debt.

[larryreynolds]

You sleep better with your house paid off. less stress.

[jackwillison]

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[DMS]

I have two paid off houses and there is zero chance either will be foreclosed on even if I lose my job or become disabled.

All I need to do is pay property taxes and insurance.

Maybe not the best from a pure return on capital standpoint but you can’t beat the peace of mind.

[robmthest]

Paying off your mortgage frees you from the ‘chains of the system’.
I’m 45 and am now prepared to take more risks with my career, savings and investments in the future knowing that I own my house in full.

[FennaVa]

My wife and I's monthly payment was $2415 month. We would pay an extra $500 a month towards the principal. We currently just refinanced to get a lower interest rate and to get off of PMI. Our new monthly payment is $2915 a month. We plan on still paying $3700 a month but are now going to do bi-monthly payments.

[TheJackCain-]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[armandoweckmann]

I bought my house in 2009. I paid it completely off in March of 2020! I entered my 40s completely debt free! 🎉 I finally saved many years' worth of expenses so that I can dive into starting my own business and not worry about money. 😊

[TheJoyofTrucking]

Pay it off! Less stress. More freedom. In the present moment. The future is not guaranteed!

[Erick_Chen]

Something no one is talking about is theses scenarios assume you will have the same income and job over 20-30 years. What if you lose your job or can no longer work. I’d say pay off your mortgage

[xMuRDoCx]

Everyone is different. I'd pay off the mortgage. Can't put a price on peace of mind.

[whticlc]

As I got older, my perspective has changed. 3000 a month not spent is 3000 a month saved.
Thanks for the video

[jacielespinosa-severo]

Paying it off is probably the best thing you can do! I got my home in 2019 & I'm already 42% into my loan. (We started at 3.5%). I can start investing large sums of money once my house is completely paid off!

[robertt.]

Paying off mortgage early makes much sense. I was able to pay my 211K in about 3 1/2 years. I am 42 and retired living off a pension. I started teaching and would deposit my entire teaching paycheck to my principal each month (about 4.3K). I would see the loan amount dramatically decrease each month. Now that my home is paid off, I still teach but added a pool to our home and take yearly vacations with my family.

[theslyrylan]

I try to do both. Invest and pay off house. Should have house paid off this year and can take more risks investing

[lowstringc]

I paid off the mortgage. I did it fully aware of all the angles. The peace it has given me is worth any financial benefits (I also paid it in 11 years, so the overblown opportunity cost calculations the present in these clips would be further skewed in my situation). The fact that I could now cover all my necessities with an entry-level job if I ever lost my job is amazing and freeing. I can also easily save 35% of my income, donate another 10%, and still live pretty well now. No regrets at all.

[jeffwhite]

Paid off house early. Least satisfying "accomplishment" in my life.

I got a better feeling when I sold something and made money or got rid of a payment.

[nippolitica]

Bought a cheap house outright, and paying the renovations off as I go. I already own the grass underneath my feet, and after two decades of renting, this is pretty awesome. By the end of the year, I'll be fully renovated and therefore "paid off." If you can stand to live a year in a construction zone. Not for everyone.

[Schneiw]

I started by refinancing over to a 15 year mortgage. and then on top of that I slap $300 in additional principal payment. Best i can do.

[michaelbiasatti]

Single best explanation about this that I have watched so far...In the past no one has ever explained the interest charges like you have. Good job.