Should you Pay Off your Mortgage Early? I did. Here’s why.

A few years ago, my wife and I paid off our mortgage early. This is the first we’ve broadly shared it. We purchased our home for $185K and made a 25% down payment (effectively allowing us to avoid PMI). That left us with a 15-year mortgage of about $140K. The interest rate on the balance at the time we took out the loan was 5.83%. We could have gone with the standard 30-year mortgage, maximizing the overrated mortgage tax deduction we all hear about. We could have re-financed once or more, at the cost of a few thousand dollars each Should you Pay Off your Mortgage Early? I did....

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