Question

Mortgage early payoff, yes or no

Forum|Forum|6 years ago
December 14, 2019
1 reply
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Hi,

I have a $290000 payoff on my 30 yr mort, 24years remaining at 4.25% with a monthly payment of 1615.00, what would my annualized rate of return be if I pay it off? The current value is approximately $500K.

thanks,

Mary

A

Anonymous_

You might want to read through the article at the link below, the key phrase of which is, "...if paying off your mortgage early leads to a return equal to your interest rate, that return is somewhat lackluster."

https://www.bankrate.com/mortgages/early-payoff/