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Five Ways To Pay Off Your Mortgage Quickly
chofhine • Jan 06, 2020
Think it’s impossible or nearly impossible to pay off your mortgage, within, say ten to fifteen years, instead of thirty years? Think again. Continue reading to discover five ways to pay off your mortgage faster, so you can take that burden off your shoulders and your budget.
Can I Pay Off My Mortgage Early?
Amazingly enough, more than 26.9 million Americans have no mortgage loan, meaning they own their home. While some paid outright cash for it, others whittled away their mortgages until it was gone. Their secret? Paying extra on principal. Every time you pay additional on your mortgage, that extra gets applied to your principal balance, not the interest. Let’s break this down further so you know exactly what to expect.
First, and foremost, consult with your mortgage company. Some companies may charge prepayment fees or accept extra payment only at specific times. Include a note that details you want the additional payment to go to the principal balance and not to the subsequence month’s payment. Think twice about spending your money on a mortgage-accelerator program—you don’t need it! Sending an extra payment quarterly or every six months adds up. You can check out a mortgage payoff calculator online to help you estimate how fast you can pay off your home.
How To Pay Off Your Mortgage Quick
Here’s the meat of today’s blog, the how of paying off your mortgage early. Here are five options:
- Make an extra house payment each quarter, shaving off an incredible eleven years from your loan and making small sacrifices that could save you an extra $100 that could go towards your principal. Whether it’s cutting down on fast food or entertainment, that extra money could save a whopping $28,000, according to Dave Ramsey.
- After paying off one debt, such as a car loan, apply that to your home loan, which can knock down your mortgage by half. Refinance a longer-term mortgage into a 15-year loan, or if you already have a low-interest rate, pay on your 30-year mortgage like it’s a 15-year mortgage, which saves on closing costs of a refinance. If you have a 15-year mortgage, why not widdle it down to ten or even five years.
- You can also downsize your home, which is a little more drastic, but if you’re set on paying off your loan, sell your larger home and downsize to a smaller one. Use the profits to buy a smaller, less expensive home.
- Maximize your down payment as much as you can afford. Of course, the ideal is just paying cash, but that’s not realistic for many people. Plan to put down at least 10 percent or even 20 percent, which saves you from paying private mortgage insurance (PMI). The more money you put down, the less you’ll need to finance a loan.
- To pay off your loan quicker, consider a biweekly mortgage payment, which includes making half of your mortgage payment every two weeks. That equals thirteen full monthly payments annually. It’s only ONE extra payment a year, but it can remarkably knock 8 YEARS off a 30-year mortgage. Note: You need to include the tax and insurance portion of your payment monthly. Also, check to ensure your mortgage company allows for biweekly payments.
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