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It's usually more advantageous to pay off any consumer debt before you pay off the mortgage.

Do you have credit card or any other debts? Many other types of debt, like credit card debt, have higher interest rates.

Make sure to contact your lender and read the fine print in your mortgage contract to determine if this applies to you.

Will you incur penalties for overpaying your mortgage?Some mortgage lenders have prepayment penalties or other loan terms designed to prevent you from prepaying.

Living without any debt is an exciting goal, but paying off your mortgage needs to be done right. įactors To Consider When Paying Off The Mortgage Early

However, before you start making your extra payments, there are a few factors you'll want to consider first. It will also tell you how much interest you'll save! You choose how quickly you'd like to pay off your mortgage, and the calculator will tell you the required extra monthly payment to get it done. The good news is this mortgage payoff calculator makes figuring out your required extra payment easy. What if you wanted to pay off your mortgage in 15 years instead of 30? How much would you save? How much must you pay each month to be out of debt by a certain date? You long for the day when you are debt free. You dream of paying off your mortgage early. Check today's best available mortage rates and see which lenders are taking new applications: See Today's Best Available Rates → How Much Extra Should You Pay To Payoff Your Mortgage Early?

Next Steps Mortgage rates can't get much lower! It's the perfect time to apply whether you hope to buy or refinance.