A mortgage payment is usually the largest expense that a family has, and most families don’t envision living mortgage free until they are retired. Imagine if you could pay off your mortgage 10 years sooner and kiss that payment goodbye. It may seem like a far fetched dream, but it really is attainable.
In order to pay off your mortgage 10 years sooner you just need to make one extra payment every year. One extra payment every year makes a big difference- 10 years of a difference, and a lot of money in your pocket!
Pay off Your Mortgage Sooner with these 6 ways to make the extra payment:
- Make bi-weekly payments- Divide your current mortgage payments in half and make that payment every 2 weeks. This will result in one extra payment each year.
- Divide your monthly payment by 12 and add that to your monthly payment. For example if your mortgage payment is $1800 each month, pay an extra $150 each month to equal the full mortgage payment.
- Pick up a side job to make a little bit of extra money each month.
- Negotiate a better HomeOwner’s Insurance Rate and apply the difference toward the mortgage.
- Refinance to a lower rate and continue paying the higher mortgage amount.
- Use money from your tax refund to make the extra payment.
If you set your mind to it, you can definitely pay off your mortgage sooner. Follow these tips above to make just one extra payment a year and you can enjoy life without a mortgage payment.