Posted on Apr 8, 2016
Do you know how to pay off your mortgage faster?
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There are several ways to cut years and tens of thousands of dollars from your mortgage.
Let's say your mortgage is $1500s a month. You can:
1. Pay $750 on the first and $750 on the end of the month.
2. Pay $750 every two weeks.
3. Pay an extra $1500 a year.
4. Pay $1550 every month.
If you do a combination, you might see a 30 year mortgage go down to a 15-17 year mortgage, thus saving you tens of thousands of dollars. Ensure you work with your bank to see if they will accept your terms.
Good luck amigos!
Let's say your mortgage is $1500s a month. You can:
1. Pay $750 on the first and $750 on the end of the month.
2. Pay $750 every two weeks.
3. Pay an extra $1500 a year.
4. Pay $1550 every month.
If you do a combination, you might see a 30 year mortgage go down to a 15-17 year mortgage, thus saving you tens of thousands of dollars. Ensure you work with your bank to see if they will accept your terms.
Good luck amigos!
Posted in these groups: 
Retirement
Mortgage
Retirement Mortgage
Edited >1 y ago
Posted >1 y ago
Responses: 7
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I pay 50% biweekly and $100.00 extra every Friday plus 25% of any overtime I work. I should pay my 30 yr mortgage in 7 years.
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Always get a 15 year mortgage; the difference between a 15 year and a 30 year mortgage is the difference of about $200. You would be saving on interest and time. Additionally, if you pay biweekly, you end up lowering the mortgage principal every 14 days versus 28-30 days. You end up making 13 payments versus 12. Also, if you deploy and take all the extra money and dump it on the mortgage, you accelerate the payoff.
My wife and I did this on a 15 year loan of $133,000 at 5.5% in 2004. We paid it off in 78 months!
My wife and I did this on a 15 year loan of $133,000 at 5.5% in 2004. We paid it off in 78 months!
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Prepay principle. My wife and I also refinanced from a 30 year loan to a 15. Saving tens of thousands of dollars.
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SSgt (Join to see)
CPT Joseph K Murdock I posted before your edit, so I didn't see you listed my plan in your question.
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