Should I Pay Off My Mortgage Early?

Paying off your mortgage early can be a great financial goal to have, but is it the right move for you? Before making a decision, you should consider the following things

Savings: Do you have an emergency fund to cover between 3 and 6 months of living expenses?

Penalties: Would there be early repayment charges on your mortgage?

Higher-Interest Debts: Do you have debts with higher interest rates (for example a credit card) that should be prioritised?

Future Potential Borrowing: Might you need to borrow money soon? In this case it may be wise to keep your mortgage

Liquidity: Would paying off your mortgage leave you with enough cash for other expenses?

How Do I Calculate How Much It Would Be to Pay Off My Mortgage Early?

1. Find your outstanding mortgage balance

2. Calculate any early repayment charges

3. Assess how much you would save in interest using a mortgage payoff calculator

4. Review your budget to ensure you can afford the payment

What Are The Benefits Of Early Mortgage Repayment?

- Interest savings

- Financial freedom

- Peace of mind

- Increased equity

- Improved net worth

What Are The Potential Downsides Of Early Mortgage Repayment?

- Loss of liquidity

- Missed investment opportunities

- Potential tax benefits

Conclusion

Gather all information required so you can make an informed decision. Consider your financial situation, your goals, and your obligations. Then book a FREE financial planning consultation with Citywide Financial to review your strategy and plans and to discuss your options.

www.citywidefinancial.ie

info@citywidefinancial.ie

(01) 513 8710