Our first question of the month comes in from Patrick from California:
Hey Andy, can I pick your brain real quick about paying off your mortgage?
I just bought a house here in San Diego and got a 30 year fixed on it.
If I wait 30 years to pay it off, I will have paid $162,000 in interest which doesn’t sit very well with me.
What was your reason for paying off your mortgage?
I was thinking instead of making extra payments on the principal that I would instead invest that money. After 8-10 years I would have amassed enough to pay off the mortgage in a lump sum.
What are your thoughts on that? Invest the money or pay off the mortgage?
My reason to accelerate paying it off is that:
1. I hate debt
2. Lower my monthly expenses after loan is paid off
3. Save at least $100K in interest payment
Many thanks bro!
Continue reading “Pay Off the 30-Year Mortgage Early or Invest?”