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How to pay off the mortgage quickly

How to pay off the mortgage quickly

Probably the longest commitment we ever in our times there is a 30 years we will commit to a mortgage. There is not much we can count on having, after 30 years, but I think that we can sell our homes or hit the lottery, we can be sure we will be paying off our mortgage by long time!

Imagine how it would be nice to be mortgage free! In many cases it would be like getting to raise $ 1.800 a month. It does not seem possible, everyone would have any kind of financial difficulty if he does not have a mortgage hanging around their necks. You can buy just about anything and go almost without having to budget preparation around the monthly loan repayment.

This article will explain how to pay off your loan with a double, triple and even less time! Oh will not necessarily easy, but it can to be performed. It has been said, people can do something with motivation and a plan. So here's the plan. Check interest rates

If you are paying the market rate of interest might behoove to refinance to the lowest rate you can get. Here's why: the mortgage price of 250 000 dollars for 8% to 30 years comes from the monthly payments owed $ 1,834.41. A look at the amortization schedule for that mortgage can be found on the first payment, the principal is paid is $ 167.74.

mortgage price of $ 250 000 6% for 30 years from monthly payment $ 1.498.88. His amortization schedule shows the main part of the first payment is $ 248.88. Why is this important? Since you want to pay as much root as possible during the interest payment as small as possible.

In the early months are the most important

with a mortgage of 8% as the first monthly payment of pointed principal is $ 167.74. The main part of the payment increases slightly with each payment. So for the payment of No. 6, the amount of the loan principal repaid is $ 173.41. If we can add for the payment of principal payments from 2 to 6 together we get $ 855.64 and we can add tokwota to our first payment, we will pay the first 6 of our mortgage payments.

If we add $ 850 to $ 1,000 to your payment every month for the next 6 months, we would have paid off in the first six years!

As you can see, the first few months are important in getting a good start to repay the mortgage early. This is due in those months, the interest, which is the value of time, is expensive. So do not use this time, we can save a lot of money.

Double time and then some

Now let's see what would happen if we double the monthly payment. Payable monthly payment is $ 1,843.41. If we paid $ 3,646.81 every month, we would be paid entirely in 7 years and 7 months. Now that's fast! Below

Why is it important to get the low interest rate, as you can. If the rate of 6% of the amount of 30 years, monthly repayments would be $ 1,498.88. With this loan if you have paid a total of $ 3,646.81 each month, we paid a whole in exactly 7 years. So if we can save