The benefits of paying off your mortgage sooner

For most people, paying off their mortgage early has obvious benefits, not the least of all being that it makes complete financial sense. Of course, as with any loan the sooner you pay it off the less total interest you will have paid. It also allows you to make decisions with your life that may not be possible when paying off a mortgage.

Owning your home outright allows you the financial freedom to no longer have to worry about mortgage repayments, instead allowing you to allocate your new-found disposable income toward your lifestyle choices, such as family holidays, maybe a new car and of course having the financial resources to better plan for your retirement. You know, the important stuff.

The traditional methods of paying off your mortgage sooner, such as making extra repayments or increasing the frequency of payments, can be valid, but they still take a long time. At the end of the process you have one asset, your home. There are effective strategies to pay off your mortgage while accumulating an additional asset base, seeing you into the future.