Why Should I Pay Off My Mortgage Early?

When you look at the stats on the internet about how long homeowners stay in their homes you will see that the average is 13 years and on average people take a 30-year loan (Link to the stat I used).

30-year loan and 13 years of staying at the same house on average means that loans might have shorter lifespan with some people. And the sooner you pay off the loan the better for you. Because if you took a 30-year loan and you want to move out of your house after 15 years or so for what ever reason and you want to buy a new place. It means that either you have to wait another 15 years until you pay off the debt or you need to take another loan and have two loans. 

If you take a 30-year loan and you want to move out before the 30-year loan is over you have 3 options here as mentioned before

  1. Wait until you pay off the 30-year loan
  2. Take another loan and have two loans 
  3. Pay off the moorage early on

And to be honest the third option looks the best out of all three options. But it also all up to you and what option you feel comfortable with. 

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