That said, there are some uniform issues linked to paying off a mortgage early (both good and bad) that can help steer 50- and 60-somethings to the right decision. One thing is for certain: this Baby Boomer demographic, from ages 51-to-69 is carrying more debt than previous generations of that age.
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There’s no sense in paying down your mortgage quicker than you have to if there are other debts hanging over your head. At the same time, if you don’t want to pay all that extra interest and take any investing risks, it may make sense to pay off the mortgage early.
Every little bit-even if it’s just $20 or $50 a month-that you pay toward your principal is less that you’ll ultimately pay in interest. For instance, maybe you have a monthly mortgage payment of $954.83. If you round up the payment to $1,000 by putting in an extra $45.17, you’ll pay off your debt two years and five months early.
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June 1, 2018 5:30 a.m. Now is the time to find out if you are one of the millions of Americans who won’t be able to deduct their monthly mortgage-interest payments. For 2017, 32 million tax filers got a mortgage-interest deduction. For 2018, that number will drop to 14 million.
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A couple of weeks ago, I responded to a couple of questions about paying off your mortgage early. This week, I got the opposite question. Given record low mortgage rates, does it even make sense to.
· The higher your interest rate and remaining principal, the more you stand to benefit from prepayment. For example, a $150,000 remaining balance on a mortgage loan with a 5 percent interest rate would take almost 20 years to pay off with a monthly payment of $1,000.
If resources are tight, it might make sense to emphasize retirement savings rather than paying a mortgage off early. In 2009, after paying off roughly $52,000 in debt, Jackie Beck and her husband decided to tackle their mortgage and pay it off early.
If your debts are generally under control, paying off your mortgage early makes a lot of sense, but there are other useful ways to make your money go further. For example, investing it into a pension.
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Boneparth points out that if you have a mortgage rate near 4 percent but you can get a 6 percent to 7 percent return on a diversified investment portfolio, paying off your mortgage early won’t.