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After paying monthly mortgage payments for years and finally getting a glimpse of light at the end of the tunnel, it might be tempting to dip into financial reserves and pay off the loan once and for all. But should you?
Psychologically, you’d get a lift from it. There’s nothing more secure, especially in later years, than the feeling of knowing that you no longer have to worry about mortgage payments. Financially, though, it would be pointless.
The net effect of putting a lump sum into prepaying a mortgage balance is approximately the same as investing that amount at whatever interest rate the mortgage carries. In today’s climate,
87.8%