Paying Down a Mortgage
While I’m on the subject of buying a house, I’ll pass along a question I’ve been mulling over. Three months ago, I read a post at The Bored Investor where talked about paying down his mortgage. He talked about something I’ve considered: is it better to pay extra on the mortgage each month or is it better to save that extra money and pay the mortgage off in a big lump sum? The primary benefit of the former is that I’d pay less interest overall. The primary benefit of the latter is that I’d leave my money available for emergencies and other unexpected expenses.
Like I said, I read this three months ago. I still don’t have an answer, but if I ever do make up my mind, I’ll let you know.