Eliminate The Mortgage

Pay Off Your House – EARLY!

Get fired up!! Another episode of the Monday Money Tip Podcast is LIVE! Today, we’re talking about paying off your house – EARLY! Can you really pay off your home in 10 years? Yes, you can, and we’ll show you how. In our Current Money Events segment, we’re discussing why and how you can pull your credit report. We’re also sharing a success story from Emily, who has a new outlook on her money journey.

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take the next step, and that you’ve had FUN with us! 

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

Email info@iwbnin.com to ask questions or share success stories.

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About the Episode: 

  • Today we’re answering: “How can I pay off my house early? We have a 30-year mortgage. We owe $200,000 at 4%. We just bought the house three months ago. We would really like to pay it off as soon as possible – within 10 years is our dream.  
  • In our Current Money Events segment, we’re discussing why and how you can pull your credit report.
  • Hear a success story from Emily, who has a new outlook on her money journey. 

Resources:
Next Steps – Insurance 
Annual Credit Report 
Check Credit Report – Canada
Mortgage Payment Calculator 
Early Pay-off Calculator
IWBNIN Ladder
IWBNIN – Debt Tools 

Quote of the Day: “When you have purchased a home with a mortgage, who really owns it: you or the bank?”

Ways To Eliminate The Mortgage More Quickly – Part 5

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 5   Eliminate one “nice-nice” monthly expense and send it to the mortgage company

How much do you send to the cable/satellite company each month?   Let’s say that it is $70/month.   That is $840/year.   Cancel the cable and re-route that monthly bill to the mortgage payment.

Other items that could be reduced/eliminated include:

  • Grocery bill (use coupons!)
  • Dining out
  • Clothing
  • Spending money
  • Magazine subscription
  • Insurance premiums

Less payments toward these bills means more money for payments toward mortgage elimination!!!

Read the entire series HERE

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Ways To Eliminate The Mortgage More Quickly – Part 4

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 4   Pay one extra payment each year

One of the most common ways that people reduce their mortgage payback period is by sending in one extra payment each year.   This will eliminate 5 to 7 years from a 30-year fixed rate mortgage.   You can send one extra payment each year using a variety of methods.

  • Send in one extra payment when you receive a tax refund or profitability bonus
    • Since this money is not part of the normal budget, it is can be easier to send this money immediately toward the mortgage.
  • Set up 1/2-payments to be made every two weeks
    • Since there are 26 two-week periods in a year, this means that 13 full payments will be made each year.   Presto!   An extra payment!
  • Send in 1/12 (8.3%) extra on each monthly payment.
    • 1/12th payment/month X 12 months = 1 full payment per year

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

Read recent posts

Ways To Eliminate The Mortgage More Quickly – Part 3

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

Read recent posts

Ways To Eliminate The Mortgage More Quickly – Part 2

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 2   Lower The Interest Rate

One key way to eliminate a mortgage is to have an excellent mortgage interest rate.   Mortgage rates are at historic lows.   CNNMoney’s website has an excellent calculator that one can use to evaluate different refinancing alternatives to see which one is best for your situation.   It can be obtained HERE.

Just lowering the interest rate by 1% on a $100,000 mortgage will nearly $1,000/year!   That, my friends, will spend just like money and I would much rather apply that money toward principal reduction or funding a dream than sending it as a gift to my mortgage lender!

We have an “Early Pay-Off Calculator” located on under our NextSteps tab (HERE) that will show you how much more quickly you can pay off your loan if you obtain a lower interest rate.

This can seem very basic, but it is easy to get caught up in the day-t0-day bustle of life and miss one of the key ways to eliminate the mortgage more swiftly!

Read the entire series HERE

One key way to eliminate a mortgage is to have an excellent mortgage interest rate.   Mortgage rates are at historic lows.   CNNMoney’s website has an excellent c

Thisalculator that one can use to evaluate different refinancing alternatives to see which one is best for your situation.   It can be obtained at http://money.cnn.com/tools – click on mortgage refinance calculator.