How do you pay off your mortgage loan faster?

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

1 Answer

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answered Jun 5 by Niko (7,530 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.

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