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Prior to FIRE there is little financial reason to pay down a mortgage early especially one with a low interest rate. Post FIRE as you point out there is. It reduces risk of ruin and also things like ACA subsidies are based on taxable income.
However: - Paying off the mortgage early increases your homestead exemption in a lot of states (meaning your house can't be taken from you). For a small business owner who fears lawsuits, this is a non-0 value. - This frees up your cash flow once the mortgage is paid. Some people value the free cash flow.
I'm looking for recommendations for financial software (preferably free) that will track spending and *predict future payoffs* for home mortgage & credit cards. Background: I'm 59 and my wife is 66. Combined income is about $100K.
14 mar 2024 · There are benefits to paying off your mortgage early. You’ll save money by making fewer interest payments, and you’ll free up some of your paycheck by eliminating a major monthly expense.
10 kwi 2024 · If you’re looking for a tool that can help you understand amortization and estimate what paying off your mortgage early would cost you, try using our Rocket Mortgage ® amortization calculator. It’ll help you see for yourself how a small amount can impact your loan.
28 wrz 2023 · One way to pay off your mortgage early that doesn’t require coming up with any extra payments is to split your monthly payment into two smaller payments and paying biweekly.
17 paź 2024 · Paying off your mortgage ahead of time can have a lot of benefits for homeowners — including paying less interest, earning equity in your home faster and dropping mortgage insurance...
