Should You Pay Off Your House EARLY?

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Video host: Jaspreet Singh

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DISCLAIMER CONT'D: I'm just a random guy on YouTube so do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.

[MinorityMindset]

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[jeanpauljeanpaul]

Paid off the house at 42, it allowed me to work only 20 hours a week, rather then 48. Time is the most precious commodity for me.

[YouSoundButtHurt]

Always pay off your home, free yourself from debt.

[perah]

I owe 40, 000 on my mortgage. I plan to have it paid within the next 9 months for my 50th birthday. I would have paid it off in 14 instead of 30 years. I pray my goal is accomplished 😊❤

[ninjazzrhythm]

Me and my wife decided to pay off our home and now we're living off my little pension. We haven't worked for about 2 to 3 years. Living happier and dont care about credit since I have no use for them.

[flexanesthesia]

Not enough people see being debt free as the biggest luxury.

[JasonBay-RealEstateInvesting]

Love this topic. Paid my house off in Feb and couldn’t be happier

[TheCompoundingInvestor]

Great video Jaspreet. I made as many overpayments on the mortgage as I could, making quite a few sacrifices. After 10 years I managed to get rid of it. I cannot describe the feeling of being debt free and as you say, any money you pay towards the mortgage is a guaranteed benefit while the Stock market carries risk you could potentially lose all your investments and still be saddled with mortgage debt. Once the mortgage was paid off I started my dividend portfolio which I have been growing since 2009 and am generating over 1300 a month in passive income. The tables are turned and now compounding is working in my favour. As Einstein is claimed to have said "Those who understand compound interest earn it and those who don't, pay it".

[MTtroutfisher]

Paid off all loan debt and then paid off my house at 45. Unbelievable freedom. Remember: some personal finance decisions aren’t only math, many are what allows you to sleep well at night. ☺️

[RCVideo-dhcs]

Yes, paid our mortgage off last November. Best feeling in the world for us! More money for extra guacamole!!!

[snipe]

This was the first video on the subject, giving me a very simple no-bs way to determine if I should pay down my house. Loved it! If your housing interest is less than your investment interests, AND if you are willing to take on the risks of investing so you can live a more lavish lifestyle, then do NOT pay down your house. If you have a simple life and do not want the risk of investing, pay the extra payments to the house. I also loved that you prefaced paying the principle versus the interest. It's a basic yet fundamental note.

[FinancialShinanigan]

Paying down a mortgage with a low rate might reduce returns (if you invested that in the stock market) but having peace of mind of a paid off house is immeasurable

[Benzene]

I paid off my mortgage last year, best feeling ever

[CV-nnjj]

This is my mindset from an real estate investor’s perspective.

If you have rental properties, put debt on it and put down 20% or less if possible. If you want a primary home, save up and pay all cash if you can.

No mortgage on primary, mortgages on investment properties.

The reason for this is that the debt acts as an inflation hedge and the cash flow off sets the monthly payments on your primary

[JavierSanchez-hkqh]

I paid off my place at 46 last December 2021 due to a huge windfall. I could have invested it or pay it down. I chose to live debt free and its the best decision I've ever made. I am now in the position to retire early (52) and been accumulating funds to bridge the gap before I ever have to touch my 401k.

[coachmofin]

We bought our house 12 years ago for $320, 000 and worth over $650, 000 now, our 30 year mortgage gets paid off in 12 years, the house will be fully paid off December 2022.. Lots of sacrifices but worth it.

[comment]

If by chance a person is presented with the opportunity to pay off their mortgage early or to instead invest the funds into the market, paying off the mortgage would make more sense. Investing extra funds in the market only provides the POTENTIAL not the guarantee or promise that your money will grow or do better. Paying off your mortgage early GUARANTEES you will free up your income by no longer having monthly mortgage payments to make. What you do with that freed up capital is where the real opportunity and possibilities present themselves. You can invest, spend, or save that extra income.

[TM-nuvd]

Owned 3 houses and have ALWAYS paid off the mortgage early and paid credit card bills monthly. Being debt free is the best feeling especially during these odd times. Debt is debt and wont go away. And now I can choose to have bigger and better things while being debt free!

[peterpeter]

Yes I paid off my house and now I invest a bunch more ! Plus I have zero car payment, and I do not live large. Have a financial plan, zero credit so it is not what you make it is what you spend. Be thrifty, stuff is just that..'' stuff and mostly depreciating assets.

[vamike]

My wife and I used "paying off your mortgage with a HELOC with paycheck parking" we did 10k lump sum payments and it worked great for us! About 5 years to pay off 120k mortgage.