To pay off mortgage or not?

[AtiaoftheJulii]

We're due to have our mortgage paid off (early) in Jan or Feb next year, but we have enough in savings to pay it off now, and I'm really twitchy about it and would love to just pay it and be done with it! Trying to think of any reasons why we shouldn't ...

We have a few thousand in overpayment which we could request back - so if we had an unexpected need for money this year we could use that and extend our mortgage repayment schedule. But we could probably just use a credit card if necessary so that's not essential to hang on to.

We have no repayment fees and would be saving the money we weren't spending on the mortgage payments. The interest on the mortgage is more than the interest on our savings.

So I think it makes sense to pay it?

Given that, is there any optimum time in the month to pay it?? Or am I overthinking it?

If the interest on the mortgage is greater than savings pay it off. Interest on mortgage is calculated per day the sooner you pay back the less you have to pay.

If you pay it off now, and then the car gets written off next month, do you still gave enough savings to carry you through?
Pay it off if it means you still have a few months savings. Dont do it yet if it leaves you with an empty savings account.

If your car gets written of next minth, the insurance company would surely have to pay out the money the car is worth, tbh anything could happen or not happen and you don’t hang onto a mortgage just in case- especially when it’s costing you interest

Pay the mortgage of and use the repayments to save for a few months

Pay it earlier. I did and it was a nice relief.