The fact if you should pay off your  mortgage early or not depends  your unique situation and financial goals which will lead you to the best financial decision for you. 

And because of this there are some questions why need to ask yourself to go to the best financial decision. 

The first question you gotta ask yourself is “Do you have an emergency fund?”. If your saving account cant absorb at least three months’ worth of living expenses than maybe consider first saving up an emergency fund before paying off your mortgage early.

The second thing is the question of “How long do you plan to stay in your home?”. Here you need to think if there is a chance you will be living in the home for years and years or if you will be selling it within a couple years. 

If you will be selling the house within a couple years then the benefits of refinancing or paying down your mortgage will be less likely to pay off. My advice here will be to invest the money somewhere else in stocks, funds, bonds etc.

The third question you should ask yourself is “What mortgage interest rate would you qualify for?”. Now on days the average mortgage rates  are very low, historically low I might even say. The average is 15-year loans. 

Your rate depends all on your credit score, debt-to-income ratio, and other personal finances.

The last question here is “How much extra money do you have to work with?” together with “Do you have enough flexibility to pay down the mortgage and work toward other financial goals simultaneously?”. 

And these two questions together pretty much speaks for themselves. 

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