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A big portion of your monthly income would go towards mortgage payment. This can put huge constraints on your ability to spend freely. On the other hand, you get a great deal of financial flexibility if you have already paid your mortgage. You get absolute freedom to spend your money according to your will.
You probably gained a lot of money from somewhere. That’s why you want to pay off your mortgage in order to gain peace of mind. However, the same money can also be used in various other ways, such as buying a good car or refurnishing your house. You can also invest that money somewhere to earn good return. You can potentially lose all these benefits if you choose to pay off your mortgage with this money.

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