When to Pay Off Your Mortgage Early

Paying off your mortgage early, can be a good idea if you can afford it.  But it's not always the smartest move.

Although paying off your mortgage earlier will definitely lower the overall interest that you will pay on the mortgage, it's not always the best decision financially.  Since mortgage interest rates are so low, if you have other debt's, such as credit card debt, or you plan on moving in the next couple of years, paying off that mortgage early might not be the best use of your money.  Credit card debt can pile on interest payments very quickly, so these are the best type of debt to pay off first, but even if you don't have other debt, things like an imminent move will also demand some money for deposits that may otherwise have been used to pay off that mortgage. In the long run it can be more beneficial to keep your mortgage payments for longer in order to pay off more pressing debt's or concerns.