Should You Pay Off Your Mortgage Early? For more information read our helpful guide the SCOOP! Blog

For most Americans, their biggest monthly expense is their mortgage. So, if you find yourself in the fortunate position to be able to pay off that debt, should you? Financial experts have differing opinions, so let’s take a look at some of the pros and cons.

You will pay less interest

The most obvious benefit of paying off your mortgage early is it will save you a lot of money in interest in the long run. For example, let’s say you owe $200,000 on your home and have 20 years left on your 30-year mortgage, with a 4.5 percent interest rate. If you paid an extra $500 a month towards your principal, you could shorten your mortgage term by just over 8.5 years and save yourself $38,749 in interest.

For more information read our helpful guide the SCOOP! Blog