7 Times It Makes Sense to Pay Off Your Mortgage Early

1. You’re tired of paying interest to a lender

Couple Getting Mortgage
bernatets photo / Shutterstock.com

Lenders earn money by collecting interest on loans. That means the longer it takes to pay off your home loan, the greater the profit your lender will realize.

If you bought a home using a 30-year, fixed-rate loan, consider trying to pay off the loan in 15 years instead. You’ll probably need to make short-term financial sacrifices to come up with the extra cash, but you’ll save many thousands of dollars in interest costs if you do.

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