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Can Paying Off Your Mortgage Early Damage Your Net Worth?

Posted by Bonnie Martin Designated Broker on Monday, August 18th, 2014 at 7:30am. - Just about every homeowner has experienced the same sensation at one time or another: The excitement of a home purchase is deflated at the closing table when the closing agent slides over the Truth in Lending Statement that shows just how much money the loan will cost over the term of the loan.

It is a sinking feeling to see that a $250,000 loan will likely cost in excess of $500,000. To avoid this, many people strive to pay off their loans early. Indeed, one extra mortgage payment a year can make a huge dent in reducing the length and total cost of your loan. Assuming you can, the question still remains: Should you? Saving money seems like a no-brainer, but the answer that is right for you may be more complex.

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