Do you want to pay off your mortgage sooner? Whether you've bought a home recently or you've been paying your mortgage for a while, making extra mortgage payments is a smart way to save money over the long term.
Your motivation for making as many payments within your spending limits as possible is knowing you'll be able to pay off your mortgage faster and bask in your return on investment sooner. In addition to taking years of interest off your loan, you'll also end up making fewer payments at lower prices over time.
How to Make Extra Mortgage Payments
Write down your mortgage value, your interest rate and the number of years you have to pay your loan; once you see the savings you'll make in the next few decades with these three tips, you'll want to start making extra mortgage payments today.
Add a Small Dollar Amount Each Month. Commit to adding a small amount of money like $10 or $25 (OR HOPEFULLY MORE!) to your mortgage payment every month. You won't notice the difference, and you'll also decrease the number of months you spend paying your mortgage while saving money in the long run.
Make Lump-sum Payments Sooner Rather Than Later. Carry out larger, extra mortgage payments in the first few years of your mortgage term to pay more now and save a lot in the long term. You'll make an immense dent in the overall amount you contribute to your loan and avoid paying many tens of thousands of dollars in interest.
Because making one or more extra mortgage payments per year can help tremendously, keep these examples and tips in mind as you review your budget, set your goals and start saving.
Cutting back on spending and putting effort into these additional payments will be worth it once you've finished paying off your mortgage and saved thousands of dollars along the way.
I HAVE AN AWESOME (AND VERY SIMPLE) SPREADSHEET I CAN EMAIL YOU THAT WILL ALLOW YOU TO TRACK YOUR PROGRESS. I PROMISE IT WILL BA A REAL EYE-OPENER!!
Hope
you have a great weekend and please call me if I can help you with
anything at all.
Ken
951-760-3833
BRE
01418440
P.S.
Shoot me an email now before you forget and I'll send you the
'Interest Savings Tracking Spreadsheet.'
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