Ask Terry Questions Mortage payoff?

Mortage payoff?

By Terry Savage on March 04, 2019 |

I have a small mortgage. Is it smart to pay it off?

Terry Says

Great question — and easy answer:  It all depends!  If you don’t need the interest deduction, and if you have plenty of cash even after you pay off the mortgage — go right ahead.  You’ll feel great not having a mortgage!  But if you have credit card debt at higher rates, pay that off first.  Your mortgage is likely at a lower rate and deductible, so it should be the last debt you pay off.  See, it all depends!

Recent Questions



a personal
finance question