Don’t Pay Off Your Mortgage Early: 7 Reasons

Paying off your mortgage has been a monumental goal for decades now.  But is it the right thing to do in the 21st century?

Debt Is Not Always Bad

There is a big difference between good debt and bad debt when it comes to debt. Mortgages are considered good debts because they are fixed and typically have low interest.

Reason #1: You Can Get a Tax Break On The Interest

The interest you pay on your mortgage is usually tax-deductible. This deduction can amount to significant savings, especially if you are in a higher tax bracket.

Reason #2: There Is Potential for Higher Returns Elsewhere

Other investment opportunities will provide a better return than paying off your mortgage early.

Reason #3: You May Have Other Debt With a Higher Interest Rate

You may be carrying other debt with a higher interest rate than your mortgage. Pay off this debt before aggressively paying down the mortgage.

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