Thats a great goal. Mine will be paid off in 4 years, 8 years start to finish. Tips I've learned, round up the payment. So if its 965.00 round to 1000.00. Then as others have said, double payments when you can. I also like the 0.00 concept. If my balance is XX581.64, then I'll make a payment of 81.64 to get to XX500.00. Little things like that make a huge difference. Any raises or bonuses, tax refunds or rebates can be thrown on the mortgage to speed it up. I hope youre able to achieve it. Best wishes!

A reminder, if you  make additional payments at any time, make sure you designate to the servicer  that you pay that the additional funds are for PRINCIPAL ONLY. I would not add funds into your normal monthly payment, but instead make as a separate payment so you can specify.  Otherwise your additional payments will accrue toward interest as well......and it will show up as an additional monthly payment instead of lowering your principal mortgage debt. 

An example of my own mortgage. I make my mortgage payment and balance goes to XX,990.00. On the amortization schedule, I'm at payment # 151/360. I make the 90.00 overpayment the following week so now my balance is XX,900.00. On my amortization schedule, I'm now at payment 152/360 just from making the overpayment. So I've cut off another month with a small overpayment and inch ever closer to paying off my mortgage faster than somebody who just pays the minimum payment and will for the next 30 years. 

Add Reply

Likes (0)
×
×
×
×