A "how to" on how to pay your mortgage off sooner than what your contract says you can:
Did you know that if you were to just make simple monthly payments throughout the life of your 25-year mortgage, you'd end up paying more than DOUBLE than your original purchase price over time? Even scarier: if you were one of the ‘lucky' ones that was able to catch a 40-year amortization, you'd spend around THREE times your original purchase price?
Don't believe us? Check out our monthly mortgage calculator and see for yourself!
Here are some effective ways to pay off your mortgage sooner, build equity faster and save thousands in interest.
a) There are 52 weeks in a year; divide this in two (bi-weekly) and you'll get 26 payments per year. This will let you squeeze in two more payments than a semi-monthly (12 months x 2 payments per month = 24 payments) frequency.
b) Because you're paying more frequently, you are actually fighting the compounding of interest over time, therefore working towards paying off both mortgage interest and principal a bit faster every two weeks.
To help decide which of these options is the best way for you to become mortgage-free sooner, please contact us for a no-obligation review of your own personal situation!
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