How can I pay off a 30 year mortgage before I retire in 10 years
One great tip I've been told over and over again is to double up on payments if your situation allows. You'll pay off your mortgage much faster!
Same, @Theodora! My guy is doing just that and his home will be paid off in 19 more months.
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!
@LeighofMar, Rounding off and the 0.00 concept are awesome tips. I'm new on PennyHoarder. I'm going to start implementing your tips on all my debts.
Whay is the rounding off concept.
Round up your payment. So if its 965.00 round to 1000.00. It makes a difference.
All great tips shared! The same strategies also work for paying off any other type of debt (credit card, car loan, student loan, etc)
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.
How does the 0.00 help pay down debt quicker? seems as though you are still paying the same amount.
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.