You took out a 20 year mortgage of $350,000, 3 years ago where you pay $2,450.00 per month. You want to decide on whether you should pay the mortgage off early.
What are the factors you should consider in making this decision if your household income is $6,000, and your monthly expenses of $2, 500. Your family includes 3 children who are 12, 10 and 8 years old. Discuss how you would proceed in making such a decision. State all assumptions