Thursday, May 28, 2015

Paying my mortgage out to the end of the year pros and cons?


I was hoping to get some opinions here. I have been contemplating about paying my mortgage out for the rest of the year so I don't have to worry about making monthly payments until January 2016.

It is sometimes difficult to see for me to release a large sum of money like that so quickly because mentally I like to see my savings account grow and not shrink.

On the other hand, having 6 months of no mortgage will give me a chance to focus on other debts and relieve the stress of making sure I time everything up so I have enough for all my bills and payments.

So what does everyone think? Should I pay in advance or let my money sit in my savings?

The mortgage is only 2 years old so most of the payments go towards interest but I can take full advantage of the tax deduction I get for interest payments.

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