Ignite FB Tracking PixelHow to Pay off Your Mortgage Fast - Lori Lacey
Lamacchia Realty, Inc.
Lamacchia Realty, Inc.
Lori Lacey, Lamacchia Realty, Inc.Phone: (978) 821-8769
Email: [email protected]

How to Pay off Your Mortgage Fast

by Lori Lacey 01/25/2021

Photo by ESB Professional via Shutterstock

If the thought of getting a mortgage and being in that much debt is stopping you from buying a home, plan to pay it off. Here’s how you can do it in just five to 10 years.

  • Live well below your means. If you can keep your mortgage payment to below twenty percent of your take-home pay, you’re on your way. That means that instead of buying a larger house in an upscale community, buy the nicest one you can in the neighborhood you can afford. When you do this, you’ll not only save on the payment but your energy and maintenance costs will be lower, as well.
  • Take a 15-year mortgage. Instead of the typical 30-year loan, opt for the 15-year choice. Your payments will be slightly higher, but they won’t be double. Use an online mortgage calculator to see the difference in the payment. You’ll be surprised at how much more affordable cutting the loan length in half can be.
  • Use an early mortgage pay-off calculator. Try plugging in different payment amounts to see how quickly you can pay it off. Adding as little as $100 extra each month can massively reduce the years to completion.
  • This next idea is easy if you get paid weekly or bi-weekly. Instead of making your mortgage payment once a month, pay half of it every two weeks. Using this trick allows you to make an entire extra payment each year, cutting months and years off your mortgage. If you do it to match your bi-weekly payments, you won’t even notice the additional payment out of your household budget.

Your Agent Can Help

When you’re looking for just the right house to put your plan into action, your knowledgeable real estate agent can find you the perfect one. Let them know what you’re trying to accomplish so that they match you to the right house at the right time.

About the Author
Author

Lori Lacey

I have been in sales for most of my career and always found ways to get my clients what they want as economically as possible. I will work as hard for you as I would for myself. I will be open and honest. I will listen to your needs and wants and advise you when appropriate. If I do not know the answer, I will find it for you. I want to be your real estate resource for you, your friends, and your family for a long time.