How do you pay off your mortgage loan faster?

0 votes
asked Jun 5, 2018 in Real Estate - Renting by Jarppi (370 points)
How do you pay off your mortgage loan faster?

1 Answer

0 votes
answered Jun 5, 2018 by Niko (18,430 points)
You can pay off your mortgage payment faster by paying extra money towards the mortgage payment each month.

If your mortgage payment is $1,000.00 per month and you can afford an extra $500.00 per month then you should pay $1,500.00 per month towards the mortgage instead of $1,000.00 per month.

Paying that extra $500.00 per month towards your mortgage can knock your mortgage down by quite a bit over the years and save you a lot of money in interest.

You can also refinance your mortgage to a shorter term mortgage from the traditional 30 years to a 15 year mortgage and although the payment will be higher each month you'll save in interest and own your house free and clear a lot sooner.

I would certainly want to get my mortgage paid off sooner than 30 years if possible since 30 years is a very long time to me.

30 years ago I was 1 year old so yes 30 years is a long time to be making payments on a home mortgage so paying it off sooner and not having that debt lingering for 30 years would be a good feeling.

101,313 questions

97,030 answers

1,291 comments

7,002,758 users

...