How to pay your house off early and is it worth the efforts?
Answer:Well, the question how to pay your house off early has already been covered at length by MortgageQnA. The most important question seems to be not how, but should you pay your house off early?
Paying off House Early or Paying for Retirement Plan?
Statistics show that borrowers are going to get higher return for their money if they contributed more to 401(k) plans rather than to their mortgage loans.
A common conclusion of a recent research on mortgage prepayments is that there is an incredible number of people who carry high-rate debt and at the same time are in a hurry to pay low-rate mortgage debt with acceleration, or who don't set up an emergency or medical and life insurance plan.
It is recommended that:
- you use a mix of stocks, bonds and cash to generate at least 8% return a year for over 20-year periods;
- or, invest in workplace retirement plans.
Why pay off mortgage debt, especially when mortgage interest is tax deductible? It is true that making some small extra monthly payment will save you incredible amount of money in the long run, but it might be smarter to invest your cash elsewhere.
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