Should I Pay Off My Mortgage Early or Save for College?

Paying off your mortgage early frees up that future money for other uses. While it’s true you may lose the mortgage interest tax deduction, the savings on servicing the debt can still be substantial. Besides, the closer you get to paying off the loan, the more of each monthly payment goes to principal, decreasing the amount you can deduct.

Should I pay off my mortgage early or save my money instead? When you closed on your home mortgage, you may have felt an unmistakable thrill as those house keys finally landed in your hand. However, you may also have felt a bit anxious about the "paying off the mortgage" part of your new housing adventure.

I'm anxious to pay it off sooner, but also need to save for our kids' college (4 year old & 2 year old). Should we put 100% of our focus towards.

If you take a 30-year $300,000 mortgage today and pay off your loan 8 1/2 years early, the $80,000 you’ll save in interest comes more than 21 years in the future, so you effectively save less than.

Do I keep liquidity for potential start-up cash/living expenses should I lose my job, or rush to pay down the mortgage while I still hold a steady-paying job? I do challenge the amount of liquidity/emergency fund needed in this job market as being more like a year – not a few months. But paying off my Mortgage in 5.5 years seems pretty tempting.

Should you invest extra cash or pay off your mortgage? Here are the factors to consider when making this important decision.. How to pay for college career guide How much does a wedding cost.

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Most homeowners want to own their homes free and clear. For some, that means using a raise, inheritance or savings to pay off their mortgage early. But this seemingly responsible move may not be.

If you’re paying off your home loan well in advance, those fees can add up quickly. For example, a 3% prepayment penalty on a $250,000 mortgage would cost you $7,500. In the process of trying to save money by paying off your mortgage early, you could actually lose money if you have to pay a hefty penalty.

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