Why Aren’t People Talking About These Early Mortgage Payoff Considerations?

One of the more popular topics in the personal finance blogging realm of late has been whether it is advantageous to pay off your mortgage early.  I’d say about half of the people out there believe that it’s a good idea, with the other half in the camp of ‘don’t bother’.

Some of the common things that are usually discussed are:

  • Rate of return – Most who look from a pure numbers standpoint argue against paying your mortgage off early when considering that you could be investing that ‘extra payoff’ money and getting a higher rate of return.
  • Interest savings – Every dollar you pay off saves interest for the remaining life of the mortgage.  Few argue that this is a bad thing, but again, it comes down to whether that savings could be offset by a higher ‘return’ elsewhere.
  • Personal feelings – Few would argue that there’s a weight placed on getting rid of this debt.  How important this is depends on each person and is something that only each person can decide.

These are all important considerations, but if you’re thinking only of these, you’re missing out on some very important things you should be thinking about.  Consider these:

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