Should You Pay Off Your Mortgage Early? Here’s How

Owning a home is still the American dream for many. But few can make it happen without borrowing, since not many of us have hundreds of thousands of dollars sitting around.

Once you have that home loan, should you pay it off early? This week, we’re going to dive into that debate, as well as offer some tips to murder that mortgage as fast as possible.

As usual, co-hosts Stacy Johnson and Miranda Marquit are joined by producer Aaron Freeman. Today’s special guest is Andy Hill, founder of the website Marriage, Kids and Money.

Remember, even though we sometimes talk about specific investments on this show, don’t take them as recommendations because they’re not. Before investing in anything, do your own research, and make your own decisions.

You can watch this episode below, or if you’d prefer to listen, you can do that with the player at the top of this article. Or, you can download the episode wherever you get your podcasts:

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Don’t forget to check out our podcast page for more episodes designed to help you make the most of your money and our YouTube page for more videos.

What are the benefits of paying off your mortgage early?

Being able to pay off your mortgage early can provide peace of mind and generally offer you a way to save interest. But it’s not always the right move. Maybe you want to stick with the home loan and use the money for other things.

Check out our post on times it makes sense to pay off your mortgage early.
Don’t assume you have to pay off your mortgage early. There are times when it makes sense not to pay off your mortgage early.
We also have an article laying out the pros and cons of paying off your mortgage early.
Our guest, Andy, has a podcast episode about paying off his mortgage early and how his family did it.
Whether you decide to pay off your mortgage early is up to you. We have five questions to ask yourself as you make the decision.

Tips for paying off your mortgage early

While you don’t have to pay off your mortgage early to be successful, if you decide it’s the right move for you, you’ll want some tips on how to do it. In our podcast episode, we offer information about how you can pay down your mortgage. And Aaron schools us in proper terminology.

Check out our article on how to save thousands of dollars by paying off your mortgage early.
Review the fastest way to tackle mortgage debt with one of our older articles on paying down a mortgage.
Our guest, Andy, talks about the 50/50 path to paying down a mortgage with NBC.
Miranda offers an overview of how to decide whether to pay off your mortgage or do something else with the money.
Finally, watch out for these mortgage mistakes that could cause problems down the road.

Meet this week’s guest, Andy Hill

Andy Hill is the award-winning family finance coach behind Marriage, Kids and Money — a platform dedicated to helping young families build wealth and happiness.

Andy’s advice and personal finance experience have been featured in major media outlets like CNBC, Forbes, MarketWatch, Kiplinger’s Personal Finance and NBC News. With millions of podcast downloads and video views, Andy’s message of family financial empowerment has resonated with listeners, readers and viewers across the world.

When he’s not talking money, Andy enjoys watching his kids play soccer, singing karaoke with his wife and watching Marvel movies.

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If you haven’t listened to our podcast yet, give it a try, then subscribe. You’ll be glad you did!

About the hosts

Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

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