More pluses on early payoffs

“Free and Clear,” March 9, about paying off your home mortgage early was inspirational and informative.

There are plenty of real benefits to having the mortgage paid off early: your monthly budget shrinks, your cost of living goes down, your cash flow increases, your cushion of savings increases, you can save more, invest more, give more to charity, your sense of security increases and your fear of the future (work, health) decreases.

Investment wise, paying off a mortgage is a zero-risk investment. With higher-risk investments, you can lose everything and still have to pay the mortgage.

The tax deduction is oversold. Run your tax numbers both with your mortgage interest deduction and with your standard deduction to see if you are really saving. Prepaying your mortgage can save tens, if not hundreds, of thousands of dollars in interest, greatly outweighing the tax break.

Paying off your home is a financial choice, and not a bad one, particularly for those with low risk tolerance.

One less bill to pay is always a good thing.

Vic Morrow

Santa Barbara

In June 2005, at the age of 55, having completed 32 years as a public school teacher, I retired -- debt free and home mortgage paid in full.

My secret? Delayed gratification.

TerryLynn Whitfield

San Antonio Heights