In 2022, my wife and I paid off our vacation property mortgage after 15 years of ownership. Now that it’s been a while since we paid off the mortgage, I realized there is a triple benefit to paying it off early.

I didn’t realize one of these benefits when we paid off another rental property mortgage early back in 2015. Sure it felt good to pay off our mortgage early. But back then, there was more hesitation since risk asset returns looked relatively more promising.

Instead of writing about the benefits of paying off your mortgage early, I wrote about mortgage payoff fees and procedures. This way, homeowners don’t get blindsided once they do pay off their mortgage and expect everything to automatically handle itself.

In addition, I wrote about the biggest downside to paying off a mortgage early. And that is a fade in motivation.

Triple Benefit

Keep reading this article on Financial Samurai.

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