DAVE RAMSEY

Dave Ramsey says: If you can afford it, pay off mortgage ASAP

May 19, 2020, 12:00 PM
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Dear Dave,

We make about $70,000 a year, and we’re debt-free except for our house.

We’re following your plan, and just started saving for retirement, but we only have $15,000 left on our mortgage.

We can have that paid off in six or seven months, so would it be OK to go ahead and pay off our home as soon as possible before continuing to save for retirement?

— Nate

Dear Nate,

I’m generally pretty hardcore about sticking with the proper order while doing the Baby Steps. But in your case, with such a small amount left to pay on your home, I think I’d go ahead and knock that out.

Most of the people I talk to still have six figures left on their mortgages.

There’s a big difference between that and the situation you two are in right now.

Think about it, you guys could be completely debt-free by Christmas, and you’ve already started to make a move on retirement planning.

I say go for it!

— Dave

Dave Ramsey

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Dave Ramsey says: If you can afford it, pay off mortgage ASAP