I want to pay off my home 10 yrs early. The more I talk to people, the more confused I become.
Some say do it, and others say that a lien on your property can be useful if some type of lawsuit would happen.
Owing money on a loan, or anything else, seems to me to be foolish.
Those of you that have paid off your home early, are there any regrets?

We paid off our home about 10 years ago and have no regrets. The peace of mind alone is well worth it.

If you are worried about protecting your home from creditors, you should talk to an experienced lawyer. Your state only allows for a $15,000 homestead exemption so it would be a worthwhile discussion. An attorney may advise you to transfer your home to an LLC or take similar measures now, before a creditor comes along.

No creditors after me,

I sleep good at night.

It all depends.

Do you have the cash to pay it off or are you talking about a little extra on each payment
What is your interest rate
Are you able to write off your interest on your taxes
Is your plan for retirement on track
Do you have kids that will be going to college in the future
What other opportunities do you have available for the money

Often times you are money ahead by doing something else with the money and keeping the mortgage. For example If you are paying 3% on the mortgage but need to beef up retirement accounts you are usually better off doing that. Also right now I bonds are paying 9.62%. It would be hard to make the case that paying off the mortgage is a better use of the money than getting that kind of return.

On the other hand I am sure that the piece of mind knowing that your home is paid for can be a great thing for many people.

look at the savings from interest you don't pay. One good Ideal is get you a HELOC . Home equity line of credit. You don't have to use it and it's like a rainy day check book. Also it keeps your credit rating up and active incase you need it . We paid ours of in 15 years . Saved us a little over 45,000 in interest payments.

I have the money to pay it off now. We have been paying extra on the payments for the last few years.

X 10

I would pay it off, it is a great feeling to be debt free.

Pay the mortgage off early. I put every extra cent on principle every month sometimes it was only $50 but watch the total drop. If worried about liability get an umbrella liability policy, probably one month's worth one interest for the premium.

If you only owe 10 years then you’ve already paid your interest. Your just paying the actual loan now.

No better feeling in the world. Pay it off as soon as you can. Hey if you dont like having a paid off home, you can always take out another mortgage on it.

We paid ours off in 2007. Interest rates were not nearly as low then as now, and inflation was much lower. That has all switched. With today's high inflation, the value of the money you are paying to the bank is less and less every month by a considerable margin. Your payment does not change, but it's value does. As I see it, in simple terms, if your rate is 3% and inflation runs 8% over the remaining term of the loan, you are 5% ahead every year by NOT paying off early.

I would not worry too much about legal issues of paying off early. To me the issue is and was do I have places to put that disposable cash that will earn me a better return or more asset gain than paying off a mortgage early. The time value of money shows that the earlier one invests the more growth one gets. Staving off investing or increasing investments for 10 years so one can reduce debt may be more costlly then the gain in being debt free.

In todays tight home real estate market, many of the buyers are bringing cash and lots of cash to buy homes and most did not make that money by prepaying on their home loans. The last 30 years in the market was very good and many are using those funds now in a down market to invest in housing.

Bryce

Mine has been paid off for years. It's a great feeling to have that piece of mind. From a strict financial point of view it may not have been smart but other considerations made it an easy decision. In my younger years I heavily leveraged investment property and stocks but those are different ballgames. In my case it worked out.

Pay off any other higher interest loans first, then pay off the house. Save or invest the same amount each month as your old mortgage payment

Actually, there is still interest , but early on was where the most is paid. I wish I could have paid more toward the principal early on, but that wasn’t in the cards. I am thinking I’ll just pay it off. I am looking to build a 40’ x 60’ shop. I could also do that with cash if I want, or get a small partial loan!

Dana I and EdP hit the nail on the head with their advice. Note that everyone else who said they paid their mortgage off early talked about the "feeling". It's an emotional decision. Which is totally fine. I'd love to pay my house off. I can't afford to spend money that emotionally right now. I need to be pouring money into retirement investments. My mortgage is around 3.5%. Inflation is 8% currently. For the time being I'll let inflation erode away the weight of that debt and invest in things that bring more than 3.5% returns. One day I hope to have enough invested to buy freedom and retire and then I'll pay that mortgage off! I just know that's an emotional decision, not sound financial decision making. And that's okay if you're in the position to do it!

I don't like owing anything and I don't like being owed anything.

Pay it off if you have the ability!

The sooner you pay it off the better-you will have more money in your pocket.
Anyone getting a mortgage should get what is called an accellerated mortgage-pay every 2 weeks instead of once a month.Also an allowance to double up payments from time to time with no penalty.Mortgage insurance is also good to get,in my opinion.it is cheap and your payments are covered if you have to go off work on workers comp or sick benefits.
My home mortgage was a 25 year mortgage and because of it being acellerated I paid it off in 14 years.