It’s every homeowners dream…to pay off their mortgage. Owing zero on your home can be a huge relief. Therefore, I have some tips on how to pay off your mortgage quickly.
√Pay two times – Making half your mortgage twice a month will give you 13 full monthly payments each year. You can a lot of money over the period and pay your mortgage off early.
√Coupon income – Try couponing each time you shop for food and household items. You can use the money you saved with coupons to add extra payments to the principle of your mortgage each month.
√Shorter payment schedule – You can put yourself on a shorter payment schedule. There are several options to choose from like 10, 15, 20 or 30 year terms. To calculate what a 15 year mortgage payment would be, simply use a mortgage calculator and apply 15 years instead of 30 years. Use your current terms for everything else.
If you currently have a 30 mortgage loan your payment for a 15 year loan will be much higher, but you will pay much, much less in mortgage interest rates over the life of your loan.
√Round up – When you round up your mortgage payment you can pay off your mortgage months to years early. So, say if your mortgage is $1422.00, you could round it up to $1450 or even $1500. If your budget allows, you can round up even higher.