Is paying off your mortgage worth it?

white-rabbit_2-2

We have savings which would pay some of our mortgage off but not enough to let me stop work. If I kept the savings I could potentially stop work. Is the freedom of being mortgage free worth sticking at a job I’m not fulfilled in?

SuperHung

Life is too short, if you have enough savings, then start a new adventure/career which you would enjoy.

yksi

Maybe. But the savings will be eaten up in time. What will you do then?

tacpot12

That's quite a personal question, as it depends on your attitude to risk and whether "not fulfilled" really means "actively hate". 

What about your other half? Are your savings enough that they could also stop work? I don't see why one person should be  able to stop working if the other cannot; surely you should both be working as hard as you can to a) clear the mortgage and b) stop having to go to work. 

white-rabbit_2-2

I’m thinking that given Covid now may be the time to just concentrate on family. Not sure what would give me greater security... a lower mortgage or savings.

BookmobileBadGirl

I think it is a very personal decision

my mortgage is my highest monthly expense, if I got rid of that I would have more options in terms of what I do in the future. 

CreditCardJunkie

My personal opinion is that life's too short. Nothing can buy you time. Could you go P/T so you don't have to totally live off savings?

madaboutspots

That decision is so much bigger than your question allows for. There are so many variables to consider in such a big decision.

How would your partner feel with being the only earner? What would you do to not just fill your time but feel fulfilled? Would you feel equal in the partnership still? Would your partner still see you as such? How would you manage if something significant/expensive fails? How would you make ends meet if your partner was too ill/injured to work? 

My FIL gave up working because he came into a LOT of money in his late 40's. Certainly enough to live out all his days happy, content, safe and warm. 

He spent like YOLO and gave no consideration to his future. He now rents in a poor area, is afraid to heat his home for fear of the bills, has no social life, no money, no friends, wife died suddenly and he's up to his eyes in debt. His health has gone so he can do nothing to earn more at 76. He's sitting miserably like he's waiting to die. Don't let that be you! 

Whatever yourself and your partner decide - build in a safety net and don't waste your opportunities. YOLO only works if you count your WHOLE life, not just part of it and are then left miserable by your own hands for the remainder. 

Caution is my advice. 

TheAble

I don't think you can stop working if you still have a mortgage which by your own admission your savings won't even pay off in full.

Exodi

I am so confused on the maths on this unless the partner is being thrown under the bus?

Otherwise how could these savings not enable you to pay off the remaining principal of your mortgage, saving a staggering amount in interest, but do allow you to essentially retire early?

Unless, as I alluded to above, your savings would be used to give you a small amount of spending money every month, while your partner still works to pay the mortgage?

So many other questions but probably not worth asking as this seems shaky, even from the small amount you've already said.

Mickey666

white-rabbit_2-2 said:

We have savings which would pay some of our mortgage off but not enough to let me stop work. If I kept the savings I could potentially stop work. Is the freedom of being mortgage free worth sticking at a job I’m not fulfilled in?

I see two issues here.
First, you don't have any savings . . . you're borrowing them from your mortgage.  Plus it will be costing you money (ie the mortgage interest payments).
Second, if you're not happy in your current job then look for another one.  But don't pretend you can borrow money (mortgage), live off that money (that you call "savings") and  stop working. 
Sure, you can do all that in the short term but it's the road to ruin.