How Easy Is It To Pay Your Mortgage Sooner?
It is not easy but it’s certainly not something you couldn’t do once you know how valuable it is for you. The bank counts on your mortgage so they can make 200% more on YOUR MONEY. When you lend $100,000 from the bank, over a 30 year period the overall money you will be paying to the bank would be $300,000!! The hundred thousands you borrowed and returned as a principle and two hundred thousand more which are the interests which you have paid over the thirty years.
Many people just don’t know enough about money and finance to understand some basic facts, which could save them thousands of dollars. First of all if you can raise the monthly payments by even $100 per month, you could payoff your mortgage 3-5 years sooner! Can you manage paying $100 more? What would you have to give up today, to be able to pay hundred dollars more? Not too much. By paying off 3 years sooner, you save your monthly payments X 36 !! All that cash would stay in your pocket! Now that’s a lot of money to save!
Another “trick” is to change the mortgage payments to bi weekly! This reduces the principle faster than a monthly payment and reduces the interest calculated by the lenders too. Only doing this can save you thousands of bucks, and cut the payments by a few month or years! Which means you save tens of thousands.
One last thing is to throw into the “mortgage pit” every last penny, cent and dime you can! Make sure you have enough paid for retirement and taxes and stuff into the mortgage all the rest. Cutting down the principle bit by bit, means you will finish paying sooner and will save thousands on interests, and will have free cash available sooner too.
Is Paying The Mortgage Sooner Easy?
Is it easy? It depends on your priorities. Is it possible? Sure thousands of home buyers are doing it already!
Watch this clip to learn more and see some numerical examples: