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Tag Archives: saving to pay off a mortgage

Deciding Not To Pay Off My Mortgage Early: Don’t Look a Gift Horse In the Mouth

should you invest or pay off the mortgage

This is a guest post from Sov at Break 50. Enjoy! Wouldn’t it be great if I paid off the mortgage? Remove those shackles – no more ball and chain - I could sit in the garden with a beer, no more worries – Financial Freedom – whoopee! These were my initial thoughts back in 2006 when I set out my Road to Financial Freedom. I got very excited by the on-line mortgage repayment calculators – look how much I’d save by paying the mortgage off early! ‘Mortgage-free’ became my first big goal I became obsessed. It took over my life. I cut expenditure wherever possible, focused on increasing my salary and bonuses, and stashed away any excess cash. She’s forgiven me now but I didn’t even tell my lovely wife about the secret mission. It’s amazing what you can achieve if you have a dream (mine is Financial Freedom) and a decent goal (ie. pay off the mortgage). It took me just over 5 years to save enough money to pay off the mortgage – wow, did I really do that? But was the ‘pay it off’ question really that straight forward? Unfortunately nothing in life is quite that ...

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