Paying Off the Mortgage Early is a Mistake I’ll Never Regret

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Paying Off the Mortgage Early is a Mistake I’ll Never Regret

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Is paying off the mortgage early a mistake? Or could it be a smart financial decision?

Buying a Home

Shortly after I graduated from college, I felt ready to buy a house. I was earning a decent paycheck, I planned to stay in the area for the foreseeable future, and I had quite a few friends who were eager to move out of their parents’ basements who could be potential housemates.

Housemates

Astoundingly, a mortgage company loaned $400,000 to a 23-year-old who barely made 10% of that. Keep in mind, this was the early 2000s. The downside was that I could only afford my monthly payment if I brought in some housemates.

Quick tip:

If you’re thinking about taking on a few roommates, especially if they are all men, I’d encourage you to contract a regular cleaning service.

15-Year vs. 30-Year Loan

It was an easy decision for me. I have always hated debt, so I wanted the shortest loan possible that I could afford. Plus, I had plans to make extra payments each month to pay it off more quickly. I didn’t want this debt to limit me in the future.

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