Pathfinder Worksheet: Should I Pay Off My Mortgage?
If you find yourself with a little extra cash, should you put it towards your mortgage loan? There’s no simple “yes” or “no” answer. Paying off your mortgage and being debt-free sounds appealing, but for some homeowners, their financial situation and goals might call for keeping a mortgage while attending to other priorities. There are both risk and benefits to paying off your loan earlier or switching loan terms, and the right decision will be different for everyone.
The flow chart below lists several questions and issues to think through as you decide whether paying down your mortgage makes sense for your financial situation. If you have questions or would like to discuss this topic further, please don’t hesitate to contact your QA advisor. If you’re new to QA, please click here to connect with us.
KATIE JOHNSON, J.D., CFP®
This document has been prepared by fpPathfinder LLC and is furnished to you by QA Wealth Management, a division of Quantitative Advantage, LLC (QA), under license from fpPathfinder. While QA believes that the information in the document provided by fpPathfinder is reliable, QA does not guarantee that the information is accurate, complete, or current, and is not responsible for any loss caused or alleged to be caused directly or indirectly by the information.
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