Should You Pay off Your Mortgage Early?

  Some may say it's a good idea and others may say it's not. I think it all depends on whether or not you plan to stay in your home permanently. As far as my plans go, I don't plan to live in my home for the whole 30 years. I consider my home a "starter home" so, paying off my mortgage early would not fit for me unless I can generate money to pay my mortgage in full and maybe, rent it out in the future.  This may also be the case for a lot of other people because they plan on upgrading, starting a family, or increasing the size of their family, so their current home does not fit that criteria. For others, there are people that are ready to retire, are already living in their desired home, or have plans to pay off the home and rent it out in the future. No matter what the scenario is, you have to decide what works best for you and come up with a plan to make that happen.  Here is a link to an article to help you decide what works best for you and calculate how much extra you need to pay a month to pay your mortgage off early.

http://www.free-online-calculator-use.com/early-payoff-mortgage-calculator.html

Til next time,

JC