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!
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