3 tricks to pay your mortgage off early
Would you like to pay off your mortgage early?
Remember when you closed on your Atlanta home and the attorney share the amortization schedule with you? It’s hard to even fathom your life 30 years into the future!
Wouldn’t it be amazing if you could pay off that mortgage early? I know I sure would love to. Might sound like a pipe dream, but it’s not impossible. In fact, 37% of U.S. homeowners are living mortgage-free. Does that number surprise you? Why shouldn't you be one of them?
“37% of U.S. homeowners are living mortgage-free.”
Just because you opted for a 30-year mortgage doesn’t mean you actually have to spend the next 30 years paying it off.! Here are three hacks to knock it out early:
Simply divide your mortgage payment by 12 and add that amount to your principal each month
Hack #1: Make an extra payment every year. Simply divide your mortgage payment by 12 and add that amount to your principal each month. I love this method because you don’t feel the sting nearly as much as a lump sum.
Hack #2: When your income increases, don’t increase your spending. If you get a raise, it’s tempting to bump your spending along with it. Instead, keep the same budget and put the extra towards your mortgage.
Hack #3: Put surprise money towards your mortgage. Any time you get extra $$$ from a tax return, bonus, inheritance, refund check, or whatever else it may be, toss it to your mortgage. You won’t miss it, and your future self you will thank you big time.
Is paying off your mortgage early one of your goals? Share with me here!
