Don’t Pay Off Your Mortgage Early. Here’s Why

[{"selector":"#anim-8aa2d597-2752-4b07-8049-9bf423619335","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ecf5d22b-9c88-484f-b3cd-a152ab876c3a","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Learn more

[{"selector":"#anim-da49e624-b550-4da7-a878-7cc9d4a5e2e0","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-171353f3-eb2d-4c37-96ae-eee5482ad98b","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Paying off your mortgage has been a monumental goal for decades now. But is it the right thing to do in the 21st century? Learn more

[{"selector":"#anim-38f210d8-0a90-43e4-947b-72fe4c883dcf","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5289e77c-4f08-4c2c-9c7b-7e374a3315af","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] There is a big difference between good debt and bad debt when it comes to debt. Mortgages are considered good debts because they are fixed and typically have low interest. Medium Brush Stroke Learn more

[{"selector":"#anim-e2f0ec33-a881-44d3-ad1f-1388aa5b0d52","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-f4e380a4-600c-4d56-b6e8-5895bf6fc848","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Read on to find out 7 reasons not to pay off your mortgage early. Learn more

1: You Can Get a Tax Break On The Interest

[{"selector":"#anim-702a2000-d937-4ba0-888c-f278adcf6507","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-8157452e-834c-4855-b5f1-5590e5cbfb6d","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The interest you pay on your mortgage is usually tax-deductible. This deduction can amount to significant savings, especially if you are in a higher tax bracket. Learn more

2: There Is Potential for Higher Returns Elsewhere

[{"selector":"#anim-12f71441-41cb-4d9f-af9a-23ac58d7c1ac","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ee5fc66d-fb50-40e4-9b67-96a25ced1e79","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Other investment opportunities will provide a better return than paying off your mortgage early. Learn more

3: You May Have Other Debt With a Higher Interest Rate

[{"selector":"#anim-f0a65158-3ff8-4ecf-9b7e-e5851e23c225","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-614b70ec-8f7b-4f84-ac69-26fcdff07a1c","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] You may be carrying other debt with a higher interest rate than your mortgage. Pay off this debt before aggressively paying down the mortgage. Learn more

4: Inflation May Offset Savings in Interest

[{"selector":"#anim-dcda6f4d-b3b4-40c3-8262-7d3669c648d1","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-551bdd53-2394-4eed-8040-4e0164206897","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Inflation can offset the amount of interest saved by paying your mortgage off early. If you have a low rate on your mortgage, say 4%, and inflation is 7%, your real interest rate you’re paying is 33%. Learn more

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