An Age-Old Question – Should You Pay Off Your Mortgage?

By: Curt Stowers

One of the most popular questions people like to ask me is:

Should I pay off my mortgage?

I take folks through five questions to help them come to the conclusion that is right for them. I have a promise for you: if you read through to the end of this post (and link), you are likely going to get a surprise on the right answer!

The First Question (in 4 parts):

What are your current monthly expenses, what is your current monthly mortgage payment (principle and interest only), how much excess cash flow do you have each month, and how much of that excess cash flow do you currently save?”

The key here is to determine if you, the homeowner, really understand your cash-flow situation. You need to make sure that you know where your cash is going today AND where your cash is going tomorrow.

Other Four Questions

You can find the other four questions at this link. (Read on to get your surprising answer!)

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Photo credits (top to bottom): Stephen Leonardi on unsplash.com and F5 Financial

F5 Financial

F5 Financial is a fee-only wealth management firm with a holistic approach to financial planning, personal goals, and behavioral change. We provide insight and tailored strategies that inspire and equip our clients to enjoy a life of significance and financial freedom.

F5 Financial provides fee-only financial planning services to Naperville, Plainfield, Bolingbrook, Aurora, Oswego, Geneva, St. Charles, Wheaton, Glen Ellyn, Lisle, Chicago and the surrounding communities; to McDonough, Henry County, Fayette County, Atlanta and the surrounding communities; and nationally.

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