Is it a good idea to pay off my mortgage?

That is a tough question to answer without knowing more of your personal situation.  The short answer is that, for most people, a mortgage is considered good debt.  The interest you pay is tax deductable and is, unlike credit cards, "simple" interest.  That is to say, the interest is NOT compounded daily as it is on credit cards.  Lastly, a mortgage is installment debt.  You can always locate the beginning, middle and end unlike credit card debt.  With credit cards, you may be able to find the beginning but good luck trying to find the middle or end.  I hope this helps.

Stu Sable
Allied Home Mortgage

Wall Twp., NJ

(732) 751-1899, x229

That is a tough question to answer without knowing more of your personal situation.  The short answer is that, for most people, a mortgage is considered good debt.  The interest you pay is tax deductable and is, unlike credit cards, "simple" interest.  That is to say, the interest is NOT compounded daily as it is on credit cards.  Lastly, a mortgage is installment debt.  You can always locate the beginning, middle and end unlike credit card debt.  With credit cards, you may be able to find the beginning but good luck trying to find the middle or end.  I hope this helps.

Stu Sable
Allied Home Mortgage

Wall Twp., NJ

(732) 751-1899, x229

Your mortgage should be the last debt you pay off, but if you are debt free besides the mortgage, do it!  Google "Dave Ramsey" and read about his financial advice/plans for more information.

The answer is cut and dried, YES, pay it off. The interest you pay on your mortgage is higher than the interest you can earn. You can toss that money in savings each month. I paid mine off several years ago and love having the money going into savings. Set up a monthly transfer of the mortgage payment to go into the savings.

Let no one fool you, being debt free is the ultimate of freedom ;)