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Question by Suave: Is it wise to try to pay off a home loan quickly in order to save on interest ?
I am planning on buying a home for 63,000 dollars I have about 35,000 dollars saved up in my bank account is it wise to try to pay off the house as quickly as possible in order to save on interest? I live at home with my parents so I am buying the house as an investment. I plan to put about 25 or 30 thousand down on the house and leasing out the house and I am going to try to pay it off in about 2 years….Is it wise to do this or should I just give a small down payment on the home and just save my money….Banks don’t pay that much on interest 4 or maybe 5 % at most, but I would be gaining about 200-250 above my monthly payment on the loan if I gave a boastfully down payment because my payments on the home loan would only be about 400 dollars and I would be renting out the home for about 650 dollars….Is it wise to put a vauntingly down payment and try to pay off the home quickly…Or should I just give a 20% kill say about 12,000 dollars and then try to pay it off later when I’ve saved up?

Best answer:

Answer by Level Eight
Yes. Pay it off as soon as you can.

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