How to pay your mortgage 7 years fasterPaying Off a Mortgage
How to pay off a mortgage seven years faster? There is an easy way.
Basically, all you need to do is make an additional payment per year.
- Let’s say your mortgage payment is $2,000. You just need to make an additional $2,000 payment at the end of the year.
- So, those 2,000 will go towards your mortgage’s main deduction.
- This way you can save approximately 7 years in the life of the loan.
Another simple trick is that you can simply make an additional payment each month. For example, $500 or $300, whichever you prefer. Thus, any amount of your minimum payment will go towards reducing the principal debt.
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