If you quit smoking, how fast could you pay down your mortgage?
Date Published: 3 February 2020
Smoking is a difficult habit to quit but there are some powerful motivators to do so. For some, it’s the wish to live a healthier, longer life. For others, it’s the importance of being a role model for their children. Many end up quitting because of the huge day-to-day cost of smoking.
The financial cost of smoking
Cigarettes are expensive and getting more so every year as the government adds taxes on. The realisation of how much they are spending on cigarettes in a month is enough to make some people quit immediately.
If you think you might be that type of person, we’ve created a little calculator below for you. The only information you need is:
- your mortgage amount and interest rate and,
- how many cigarettes you smoke per day
The form will show you how much you can save on a 30 year mortgage if you quit smoking and put that money onto your mortgage payments. The field you should be most interested in is the last one. That will be how much extra interest you have saved – how much money you now have for retirement – by quitting.
This form is not about shame. Smoking is a hard habit to quit. It is about finding the one thing that gives a smoker the resolve to quit. If it is the potential to save money and retire earlier, this is the form for you.
If you’re looking for support with giving up smoking, check out Quitline for helpful resources.
[CP_CALCULATED_FIELDS id=”5″]
One further financial benefit from quitting smoking
Remember, if you were a smoker when you started your life insurance, contact your life and health insurance adviser once you have stopped for 12 months. You’ll be rewarded with savings on your insurance premiums! If you don’t have an insurance adviser, our in-house adviser can help you get your insurance in shape.
Mortgage Lab’s mission is to be the digital town square for financial decision-makers to gain knowledge about their current and future mortgage. Follow us on Facebook and LinkedIn or subscribe to our newsletter to be notified of our latest articles.
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