Paying off my mortgage early didn’t seem smart until I started writing about people who had done it, and now it’s my top priority

I’d always thought investing extra money was the better move, but I changed my mind because of the freedom and savings a payoff could bring.

Seeing the freedom, opportunity, and savings mortgage payoff brings, I made my first extra payment. Photo: Getty Images

By Liz Knueven

When I signed the papers for my mortgage last year, I expected to keep that loan for 30 years.

Unlike other loans I’ve had in the past, I didn’t feel a big rush to pay this one off. I’d gotten a low mortgage rate during the COVID-19 pandemic, and I didn’t mind paying for this place for the next 30 years, though I wasn’t sure I’d live there that long.

After covering personal finance for several years now, I’ve read plenty of hot takes on whether to pay off your mortgage early or invest. Many people feel that investing extra cash is a better use of money. And I’d always agreed with that camp.

That was, until I started writing about people who’d paid off their mortgages years early. Now, it’s become a priority for me. This spring, I made my first extra principal payment with a $1,500 check I got from overpaying on my escrow account.