PickMyMortgage.com

Paying Off Your Mortgage Fast

how best to payoff your mortgage

What if you can payoff your mortgage quickly in about 1/3rd of the time without refinancing or changing your current monthly payment or cash flow position:

• Would this interest you?
• What would early payoff mean to you?

 

Early Payoff Means Better Security

having your mortgage free and clear can prepare you for an unexpected financial emergency if you should lose your job, health, or be required to finance an unplanned event.

 

Early Payoff Means Big Savings

by paying off your mortgage early, you can save a lot of money by not having to pay all that interest to the banks — see sample below:

Mortgage Loan Rate Term $300,000 6.00% 360 Months Monthly Payment: $1,798.65 Total Interest Paid after 360 months: $347,514.00 Interest Paid with 10-11yr Mortgage Payoff: $117,000.00 Interest Savings (approximately): $230,514.00

 

Early Payoff Means Better Planning:

what could you do with the extra money if your mortgage payment was over — how about saving for college, saving for retirement, taking some travel, etc.

 

View the illustration below:

Make additional payments to reduce your mortgage interest fast: You will setup a schedule where you make large, lump-sum payments to bring your mortgage balance down quickly — this allows more of your regular monthly mortgage payment to paydown principal rather than interest. 2nd: Next, deposit all of your income into your banker home equity line of credit account You will take all of your income sources and deposit them into your home equity line account instead of your checking account. Deposit: salary income capital gains savings spare change all other income 3rd: Now use your banker line of credit account to pay expenses Use your home equity account to pay for everyday budgeted and planned expenses such as: monthly bills food and clothing mortgage payment budgeted card charges other living expenses use it like you would use your regular checking account to pay for everyday living expenses   Your discretionary income pay offs your debt balances FAST! Your discretionary income (the income amount minus your expenses) remains into your home equity line account to lower the debt balance. When your debt balance drops to a pre-determined amount, you will then make another scheduled payment to paydown your mortgage. You will repeat the cycle over again until you payoff your mortgage. Need More Information? First Step: link to our mortgage payoff module to view how mortgage interest works: go to slide demonstration Second Step: link to our mortgage payoff module to review tips on paying off your mortgage fast: go to slide show Third Step: use this 10-step success plan for implementing and managing your mortgage payoff program: view 10-step success plan Fourth Step: get started on paying off your mortgage FAST: view get started