0:00.0	Hey everyone, welcome back. It's episode 970 of Money Girl. I really appreciate you downloading the show. I'm Laura Adams, an award-winning author, on-camera spokesperson, money speaker, and founder of The Money Stack. That's my substack newsletter.
0:23.1	Free subscribers automatically receive my money success toolkit, which includes the exact
0:28.4	templates I use to manage my finances. You can learn more, ask questions, and sign up for
0:33.6	the money stack for free at laura d.adams..com or you can leave a voice message with a question or
0:40.7	comment by calling 302-364-0308 we love getting your questions and i'd love to feature your question on
0:50.7	finance friday that's our weekly q-a bonus edition of the show. If you're a homeowner
0:57.2	or you want to be a homeowner one day, this show is for you. It is so important to know how a mortgage
1:04.5	differs from other types of debt and how to prioritize it within the context of your entire financial life.
1:12.1	This podcast will review who should and shouldn't pay off their home loan early.
1:18.5	Plus, you'll learn seven hacks to become mortgage-free if it is wise for your financial
1:24.3	situation. So first, let's cover the advantages of paying off a mortgage early.
1:30.5	I mean, certainly the primary advantage of paying off a mortgage or any debt ahead of schedule
1:36.0	is paying less interest. For example, if you owe $250,000 on a 30-year fixed-rate mortgage at 6.5% interest, your monthly payment is about $1,580.
1:51.4	Now, if you keep your home for 30 years, you'll pay approximately $318,000 in interest alone.
2:00.7	But let's say you get a $50,000 windfall and you use it to pay down your
2:06.5	mortgage in the fourth year of ownership. At that point, you would pay off the loan in 20 years
2:13.4	instead of 30. Plus, your total interest will be reduced from $318,000 to $177,000, saving you $141,000 in interest.
2:28.9	Not bad, right? While saving interest is terrific, it's important to understand and remember that a mortgage
2:36.1	is a relatively inexpensive debt that does come with tax benefits, making it less expensive.
2:43.5	Right now, the going rate for a 30-year fixed-rate mortgage is just over 6%.
2:48.2	Once you send extra money to a mortgage, it's tied up in your property. So if you
2:54.6	unexpectedly, I don't know, lose your job or you suddenly have a significant expense, you won't be able
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