Should I Pay off the Loan on My House?

KupunaWiki Team Finance Leave a Comment

Most people should draw the loan when they buy the properties. However, some of them seem to think

whether I should pay off the loan on their house or not. They have each life, and it has each living plan,

so it depends, but I recommend to pay off the loan on your house.

First of all, if you pay off the loan, your mental burden will be lighter. I know the anxiety of relating to

finance and money is top of anxiety of you. You ought to think that want to leave much money for

retirement life as much as possible. While you have loan which have to pay, you cannot spend peaceful

life perfectly. If you want to get settle, you should pay off the loan.

Secondly, you can hold down your finance charge. Also, if you can pay off the loan early, you don’t have

to pay extra finance charge, and total amount of money you pay will cheaper than holding your

payment. Even if you cannot pay off, your amount of money you have to pay every month will decrease

by doing advanced repayment. Advanced payment can be payment term shorter, so if you can afford to

pay earlier, you should pay that.

Or, if you have extra funds, you can asset management. This is a little difficult choice, but if you have

knowledge about finance or something, you can try to do it. If this management will be fine, you can get

much money than now. Your money will be increase. Today, there are many systems which can invest

small amount of money. If you use such system effectively, you can spend your life at ease.

Anyway, you should plan to live, and you have to do trial calculation, living expense, insurance cost, tax

etc. And then you can consider about how you pay loan. If you can, it’s alright to pay off the loan on

your house immediately, but if you cannot or you have some other plans, you shouldn’t. You have to

consider carefully. There are some merits and demerits to pay off the loan, but you must think with your

partner or relatives, and please spend wonderful retirement life!

For more information on this, contact us.

About the Author
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KupunaWiki Team

Kupunawiki.com is a resource that does not provide any direct services other than information and a list of service professionals. Kupunawiki.com, consultants or associates, are not experts in any of the fields relating to senior housing, finance, estate planning, health, or real estate. Kupunawiki.com does not generate any revenue or referral fees from the contributors or those listed as service providers. Kupunawiki.com is not a real estate website although there is an affiliation with the following contributors: Brandon Lau (RB-19267) and Andrew Leong (RB-21696) who are licensed real estate partners with ChaneyBrooks Choice Advisors at 1440 Kapiolani Blvd., Suite 1015, Honolulu, HI 96814. The information contained on Kupunawiki.com is intended for informational purposes. It should not substitute legal, accounting, investment, medical or other professional advice. Always seek a competent professional for answers to your specific questions.