Should I Pay Off My Mortgage Early or Save for College?

If you’re paying off your home loan well in advance, those fees can add up quickly. For example, a 3% prepayment penalty on a $250,000 mortgage would cost you $7,500. In the process of trying to save money by paying off your mortgage early, you could actually lose money if you have to pay a hefty penalty.

 · One of the most common questions I get is: “Should I save or pay off student loans?” Although it can be daunting to start out with a lot of education debt, you may want to resist the urge to repay those student loans as fast as possible.. Earlier I outlined a roadmap to financial success that provides six steps you can follow to prioritize your financial goals.

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Instead of saving for college in a 529 plan, some families pay off their mortgage early to free up future cash flow. Families should consider their mortgage interest rate, the liquidity of their assets and whether or not they plan to stay in their home before deciding to pay off their mortgage early.

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If you followed the Dave Ramsey route, in many situations, you haven't paid off your mortgage yet, have very little investments, and should have.

Pay off a Mortgage or Save for College?. Their monthly cash flow would be vastly improved, and they’re not worried about losing a tax break by paying off a mortgage early. They don’t get any.

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Paying off debt before you retire. Should you use retirement money to pay off your mortgage? Your kids’ college expenses? Tips for handling different types of debt. It seems obvious: The higher your debt payments are when you retire, the less you’ll have to spend on other things.. which will likely offset any benefit of an early payoff.

Paying off your mortgage early frees up that future money for other uses. While it’s true you may lose the mortgage interest tax deduction, the savings on servicing the debt can still be substantial. Besides, the closer you get to paying off the loan, the more of each monthly payment goes to principal, decreasing the amount you can deduct.

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Here’s how to decide if you will come out ahead by paying off your mortgage. Here’s how to decide if you will come out ahead by paying off your mortgage..