Finance Articles

Should You Pay Off Your Mortgage?

If you have a mortgage on your home, then paying it off early could be option for you to consider especially if the remaining debt is manageable. Conventional financial wisdom could suggest otherwise, but then there is nothing conventional about most debt anyway. Should you pay off your mortgage? Well, that ultimately becomes a personal decision one that you need to explore and decide for yourself.

Financial pundits will often insist that you should keep paying off your mortgage until the bitter end. Some even say that it is good to take out a home equity loan and pay that off well after your mortgage has been finished. The reasons? Tax deductions, pure and simple. The theory is that most people could use the tax deduction to avoid paying higher taxes. However, this can only work for most people?s benefit if interest charges are high enough to make a difference. In most cases, the last five to seven years of your thirty year loan is primarily principle payment which isn?t deductible. That is also one reason why some advisors suggest you cash out a portion of your home?s value to create an additional deductible debt.

Beyond that, there isn?t any reason why you shouldn?t pay your home off early. In fact, if your number one goal in life is to own your home free and clear then an early pay off makes sense for you. Just don?t get caught up with all of the advice being offered by financial experts, friends, and family members: it is a personal decision of your own choosing.

If taxes are a consideration and paying off your home will push you into a higher tax bracket, then consider the home equity loan especially if you could use the money for other expenses including:

--Paying your child?s college education.

--Purchasing a new car, van, boat, or RV.

--Taking an exotic six week around the world vacation.

With these three purchases you get to deduct the expenses that you would not normally have been able to deduct. If so, it is a lifestyle choice that you have made and will live with. Just remember, you could be paying off the loan long after your child has finished college, years after your new car fell apart, and many years after you took that once-in-a-lifetime vacation. Hmmm, not a bad consideration now is it?

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