How To Pay Off a 30 Year Mortgage Faster
Q: Paying off 30 Year Mortgage faster?Can anyone recommend the best book to check out for paying off my mortgage faster?
A:You do not need a book. Just send extra money each month, marked toward principle on your monthly statement
There are two main methods that are very easy to use in order to pay off your mortgage before it is due. You can use either of these methods and save yourself hundreds of thousands of dollars in interest. Just cutting 5 years off your mortgage can save you a ton of cash because that is 5 years you will not have to pay on your mortgage.
The first method for paying off a 30 year mortgage sooner is to pay a 13th payment each year. This can come from your tax return, a bonus check, or if you are paid bi weekly you can pay half from the one month that you get 3 checks and half from the other month that you get 3 checks. This will pay off a full 30 year mortgage in under 20 years.
The second method is simply to find out either the 20 year payment or the 15 year payment for the same mortgage you have and pay that instead of your 30 year payment. This will pay you off in a much faster fashion and you will be surprised how much of a difference this will make for you on your mortgage debt.
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