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Pay Me Now or Pay Me Later - 8/20/2025

There was a memorable Fram Oil Filter commercial years ago where a mechanic asked a customer during an oil change if he wanted to replace the filter. When the customer declined, the mechanic calmly replied, "That's okay with me. You can pay me now, or you can pay me later." The implication was clear: skipping the small cost of a new filter now could lead to a costly engine rebuild down the road.

That same logic applies to homeownership.

Many people dream of one day having their home paid for free and clear. But how you get there is a matter of choices. You can choose to pay a little more now, or you can pay a lot more later. Those who take the time to make regular additional principal payments on their mortgage are making the decision to "pay now" to avoid the heavier burden of "paying later."

Pre-paying a fixed-rate mortgage will save interest, build equity, and shorten the term of the mortgage. Let's look at the strategy.

Say you have a 30-year mortgage. By adding even a modest amount, say $100 to $200 per month, to your principal payment, you can shave years off your loan term and save tens of thousands of dollars in interest. This not only speeds up your journey to owning your home outright, it also gives you a greater sense of financial security and freedom.

Imagine entering retirement with no house payment. Your cost of living drops dramatically. You may be able to retire earlier, travel more, help the family, or simply enjoy peace of mind. The effort and discipline it took to make extra payments during your working years can pay enormous dividends later.

On the other hand, choosing to live at the edge of your means, buying more house than you need, skipping extra payments, or refinancing to "reset the clock, can keep you chained to a mortgage well into your golden years. Like the oil filter, the decision to not make a small sacrifice now could result in a much larger cost down the road.

The choice is yours. Do you want to sacrifice a little today so you can enjoy more tomorrow? Or will you consume now and keep paying later?

As the Fram commercial reminded us, the cost is coming either way. The smart ones plan for it.  Check out our Equity Accelerator  to see what you can save in interest and how soon your loan can be paid off.

Lilo Carroll Associate Broker ERA Brokers Consolidated Harker Heights, TX (254) 554-1292 0281463 Texas Lilo Carroll was born and raised in Bad Kreuznach, Germany, where she met and married John, a military aviator, now retired. John and Lilo have lived in the greater Fort Hood area since 1971, and chose to retire here and raise their 3 sons. Lilo offers a wealth of experience in real estate. She has practiced real estate in the greater Fort Hood and Temple/Belton areas since 1979. To show her commitment to the profession she has pursued continued education and obtained her broker license in 1984, her GRI, Graduate Realtor Institute, and CRS, Certified Residential Specialist, designations in 1984, her RRC, Referral and Relocation Certified designation in 1991, the coveted CRP, Certified Relocation Professional designation in 1992, the e-PRO designation endorsed by the National Association of Realtors in 2004, the RFC, Residential Finance Consultant designation in 2008, the MCRS - Military Certified Residential Specialist in 2013, and became a New Home Construction Specialist in 2023. She was instrumental in forming military relocation fairs in Ft. Leavenworth, KS, as well as providing relocation assistance seminars at various military installations nationwide. Her yearly attendance at real estate and relocation oriented conventions and educational sessions nationwide assures up-to-date knowledge of the real estate field. She has been an invited panel member/speaker at bi regional conferences on military relocation aspects. When you hire Lilo Carroll you get the benefit of her knowledge and judgment. She is eager to share her experience with customers and clients, as well as with fellow realtors. She does not measure her success in the number of closed transactions but in the number of satisfied clients. Lilo has been a member of the ERA Leaders Circle since Colonial Real Estate joined the ERA network in 1997. Lilo has been in the Top 10 every year in closed transactions among the combined ERA Colonial Real Estate offices. In 2023 Lilo ranked in the Top 20 for Individual agents within the ERA franchise nationally (Top 1%). Contact Me Visit my Website Send a Referral Subscribe to Newsletter