Considering Early Mortgage Payoff: My Personal Experience and Reasons Why

Recently, my wife and I completed early payment of our mortgage.

This is the first time we’ve widely disseminated it.

At $185K, we made a 25% down payment (thus eliminating Private Mortgage Insurance – PMI). That left us with a 15-year mortgage of about $144,000 at 5.83% interest.

We could have taken out the traditional 30-year mortgage, taking full advantage of its massive tax advantage.