Pay Off Mortgage Early? Not So FAST!

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In this video I explore this idea of paying off our mortgage early. There are several pros and cons to accelerating the payoff date for a mortgage which I discuss in this video.

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Paying off your house changes your mentality completely. You just carry this sense of accomplishment around from that point on, which starts to change everything about your life.

I got ultra stingy when I decided to work towards paying off mine. I shut off all subscriptions, downgraded to the slowest internet speed, turned off cable, stopped eating out, even turned the heat down 2 degrees, and the AC up 2 degrees the following summer. All of this added up to about $260 per month in savings. At the time I was paying about $120 per month in interest. Which was just bugging me so much. Now the house is paid off, and I can't turn off the stinginess lol.

Would I do it again? Depends on the interest rates I'd say. Mine was 4.65% apr and I paid it off in February 2022. Before interests rates went back up. I think if I bought in 2020-2021, I'd put the money into HYSAs or CDs now. If I can make more in interest than I spend in interest, then I wouldn't pay it off. But that's just me.

derpskipfukington
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Hi Matt!! Is it wise to pay off a car earlier?

tegxtegx
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Wrong title[ NOT PAY HOUSE OFF EARLY ]

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