Paying off your mortgage early vs investing funds

That leaves the opportunity to grow your wealth more through other investments. Reasons to Pay Your Mortgage Early vs. There are many reasons why you might choose either to pay your mortgage early or invest more. You could save thousands or tens of thousands of dollars in interest payments. When you pay your mortgage early, those interest savings are a guaranteed return on your investment. Build equity: Paying down your mortgage faster means building equity in your home more quickly.

This can help you qualify for refinancing , which can save you even more money in the long run. You may be paying off your mortgage early at the expense of your retirement savings, emergency fund or other higher return opportunities. Loss of some tax breaks: If you choose to pay down your mortgage instead of maxing out your tax-advantaged retirement accounts, you will give up those tax savings. Plus, you may lose out on tax deductions for mortgage interest if you normally itemize.

If your employer matches your contributions in a k or you're investing in another retirement plan that you have not maxed out, your choices are easy. Max out the matching plan first. Now back to our regular analysis. Other Considerations for Your Situation 1 You have other higher interest rate debt If you're carrying other high interest debt like credit cards, focus on these first. There are investment questionnaires online you can take or consult with a financial advisor to help you find a portfolio that will let you sleep at night.

Selling your stocks in the event of an emergency may mean selling at a loss.

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