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— Slide 6: Which Accelerated Program Works Best —

Using Lump Sum Payments

  1. Pros:
    you control the amount that you send in. You have the flexibility to send in greater or lesser amounts when income circumstances allow.

  2. Cons:
    having the discipline to send in the appropriate amount. Unless you have a budget monitoring system, it will be difficult to plan the right amount to reduce your mortgage fast.

Using Accelerated Payments

  1. Pros:
    the bank automatically debits your banking account for the bi-weekly payment. Over the year, you will make one extra payment that will reduce your mortgage.

  2. Cons:
    unless you make lump sum payments in addition to your accelerated plan, the accelerated plan will only knock off only 6-7 years under a 30-year plan.

Refinance Your Mortgage

  1. Pros:
    you can cut 15 years off your mortgage plan by refinancing to a 15-year plan. But your overall payment will increase. Unless you can significantly reduce your current rate, your best option is to take the payment difference and make a monthly lump sum payment.

  2. Cons:
    it will cost you money to refinance your mortgage. The new interest rate on your refinancing loan should be 1.5%-2.0% lower than your current mortgage loan rate in order to break-even.

    view this home refinancing break-even calculation to estimate your cost to refinance

Now Let's Look For a Better Option

  • It's Called the Mortgage Payoff Accelerated Program:
    under this program, you can cut your mortgage term by 1/3rd or more without changing your current cash flow position or refinancing.

    You can view this topic in the next slide.

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