Is It Better to Pay Off a Mortgage as Soon as Possible?
Usually it is better to pay off a mortgage as soon as you are able to, although you should take into consideration your current and projected financial situation. Paying off your mortgage sooner is generally better because you will be free from this financial obligation earlier and will reduce your overall interest payments. However, paying off a mortgage early will require you to allocate a larger amount of your current funds towards paying off your outstanding debt. For this reason, some investors choose not to pay off their mortgages early so that they can free up their funds for future investments.
Your decision should be based on your financial status. For example, if you happen to have other expensive debts or your present financial situation is not particularly stable, then you might consider following the original payment schedule for paying the mortgage and not attempt to pay in advance.
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