Question:

How about paying off your mortgage loan early?

Answer:

Many homeowners consider paying off their mortgage loan early. Why would they do that and should I pay off my mortgage loan early?

There are borrowers who dream of living a mortgage-free life and this is often the single and most cherished reason for many to repay in full their mortgage loan. Sometimes clinging to mortgage debt reduces it especially in years of high inflation. Many homeowners, however, simply want to get rid of their home loan even if it doesn't make sense from a financial point of view.

How effective is paying off your mortgage loan early?

Well, the effect is pretty big. Consider a $100,000 loan amount at 7% for 30 years. Your regular monthly payment of principal and interest is $665.30. If you prepay $50 monthly you are cutting your loan amortization term with 5 years and 9 months and saving over $30K in interest.

As you can see, paying off your mortgage loan early is worth considering.

Recommended helpful present and future homeowners links:
Why: Get better interest rates. See how lenders see your FICO score.
Link: Start FICO® Quarterly Monitoring
Why: Find bank foreclosures, HUD homes, VA homes in your area.
Link: Search homes from $10,000 free with trail
Why: Refinance to a fixed rate loan while mortgage rates are still low.
Link:
Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
Link:
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Common misspellings: mortage and morgage