The Crafty Dollar » Paying a Mortgage Early http://thecraftydollar.com Frugal and thrifty, Meals for less than $10.00 Mon, 22 Mar 2010 00:47:51 +0000 http://wordpress.org/?v=2.8.2 en hourly 1 Paying a Mortgage Off Early http://thecraftydollar.com/2010/02/paying-a-mortgage-off-early/ http://thecraftydollar.com/2010/02/paying-a-mortgage-off-early/#comments Mon, 01 Feb 2010 05:59:40 +0000 Kerri http://thecraftydollar.com/?p=2939 If you have a mortgage, you have probably considered the path of paying additional payments, bi-weekly payments, or some sort of accelerated plan to pay it early. The question is: does it make sense? Financial gurus of all walks say that if you have a very low interest rate, do not pay your mortgage early. The conventional wisdom is that if you can invest your money at 10% in the stock market via mutual funds over the long haul, it doesn’t make sense to eliminate a 6% or 7% interest rate on debt. The concept is that your money can earn more invested. However, many of us just want to be out of debt. We want to own a home free and clear as soon as possible. The numbers crunching CPA stuff makes sense to me, but I’d just prefer to own the home or have the most equity.

I have a few links here so you can make up your own minds:

Wisebread – 30 year mortgage breakdown

Early Mortgage Pay-off Calculator

Don’t Rush To Pay Off That Mortgage – MSN Article

AARP – Should You Pay Your Mortgage Early

Dave Ramsey – Mortgage Options To Avoid

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