August 31, 2020

Hit the accelerator on your mortgage

If you have a mortgage loan, chances are you plan to pay it off long-term—often over 20 to 30 years. Over this time, you’ll likely pay tens of thousands toward interest alone. But if you pay extra on your mortgage bi-weekly, monthly, or annually, you can pay off your mortgage early. Plus, you’ll save big money otherwise spent on interest paid to your lender.

But making accelerated payments to achieve these goals isn’t for everyone. Check the math and figure out how much you shave off your repayment timetable and save versus investing that extra money elsewhere or refinancing.

Read my latest article for The Mortgage Reports and learn three key strategies for prepaying your mortgage.