Welcome to the latest series at JosephSangl.com – Ways To Eliminate The Mortgage More Quickly. It is my hope that this series can help you eliminate what is usually the single largest expense in the household budget and free that money up to much greater things than make a bank rich!
Part 3 Pay 10% extra each month
Whatever your monthly payment is, add 10% and you will eliminate 7 years or more from a 30-year fixed rate mortgage! For instance, if your mortgage payment (including escrowed taxes and insurance) is $1,000, you would send in an extra $100 per month – $1,100/month.
Example If you have a $150,000 5.50% fixed-rate mortgage with a monthly payment (including escrow) of $1,000 with $852 being applied to principal and interest each month (the other $148 being applied to taxes and insurance). If you send in $1,100 each month, there is now $952/month being applied to principal and interest. This will reduce a 30-year note to a 23 year 4 month note!
Use the “Early Pay-Off Calculator” located HERE to run some numbers for your mortgage and become debt-free sooner!
Read the entire series HERE