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Additional Details
This is good advice...keep it coming!... |
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Additional Details
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the city of wonder | How can you pay off your mortgage faster? |
no scams please :-P |
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Goonhilda
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Pay fortnightly or weekly payments instead of monthly payments. This will increase your payments over time, cramming an extra month's worth in. Over time, that'll cut a while off your loan.
Negotiate for the lowest rate you can get.
See if you can have a loan with an offset account or redraw facility. Then, use those features to park your savings on your loan so that you reduce your overall interest.
ALWAYS pay more than the minimum payments. Even an extra $2 a week will make a difference.
Pay lump sums like your tax return into the loan instead of spending them.
Free up money elsewhere in your budget and kick it into your loan. Get a renter or boarder into your home to split costs. Shop at factory sales outlets and buy in bulk. Take your lunch to work from home and grow your own vegies. These things will reduce the amount of money going out of your budget, so you can put more on your loan.
Remember, the earlier that extra money goes in, the more good it'll do.
Best wishes |
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SUSAN M
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Dig out your loan papers and take the amoritzation sheet out with the breakdown of all the payments. Send in the next amount of principle in addition to your payment and you will save that much in interest. Or if you choose to do like I did, just mail them an extra $50-100 or whatever you choose and it will come off your principle. |
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iltmaemc
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you can put extra funds towards you principal every month
if you pay an extra $ 85 a month extra every month you can reduce your balance by more than $1000 a year |
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coach
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Don't bother with bi-weekly payments... some banks charge a junk fee to do this! All you have to do is add extra principal to each payment. My mortgage is on automatic payment with a set amount of extra principal taken out each month. Much easier than making payments every 2 weeks. |
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Ralfcoder
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The first answer is one way - divide your payment in half, and send in half every 2 weeks, instead of once monthly. BUT BE SURE that your loan will let you do this before you start. Your mortgage contract may not allow this. This will help you in 2 ways. First, since there are 52 weeks, you'll make 26 half payments - the equivalent of 13 full payments. This is an extra payment every year over the once a month plan.
The 2nd way is that your first payment each month will pay some principal that you won't pay interest on for the 2nd half of the month. This won't be much at first, but it will add up over time.
Another way is to simply add more money to each regular payment. If your payment is $1000/month, you may be paying only $100 towards the principal. Over a year, you'll only pay about $1200 down on the balance. If you add only $10 extra each month, you'll pay $120 extra each month, or about 10% more principal a year. Again, it's not much at the start, but it WILL add up over time.
The third way I know of is to refinance for a lower rate. Say you can drop your interest rate by 1%. Depending on your balance, you may save anywhere from $75 to $200 a month. Then, you keep paying the old amount that you're used to. If you save $100/month on interest this way, you'll add that $1200 a year to the principal payment, and then you'll see big changes soon. If you do refinance, BE ABSOLUTELY SURE YOU GET A FIXED RATE MORTGAGE, AND NOT AN ADJUSTABLE RATE MORTGAGE. ARMs are lousy ways to buy a house, and you won't pay it off faster. If you can't get a mortgage without getting an ARM, you're probably better off paying your fixed-rate mortgage with the current rate. |
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circa_0823
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If you change your payments from bi-weekly instead of monthly .. also put away money each month and at the end of the year throw that big lump sum on your mortgage, also drop the ammortization on the mortgage. |
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richard w
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Add extra monies to your monthly payment and tell the
mortgage company you want the extra monies to be
applied to the principle. Your total loan dollars will go
down and your pay off will be less. I paid off a 15
year loan in 7 1/2 years by doubling my payment
every month and informing the mortgage company that
the extra dollars needed to be credited to the principle
dollars of the loan. Your interest dollars of the loan will
be reduced by paying the loan off sooner! Contact the
mortgage company and work out the amount you can
sent extra every month to be applied to the outstanding.
You will save alot of money by paying extra dolllars over
the regular monthly payment and the loan time will be
reduced. You will continue to get a monthly statement
and your due amount every month will remain the same.
You are required to pay every month the agreed dollars.
The extra dollars you are paying will not credited to future
monthly payments. Happiness is "Paying Off Mortgage" |
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T J
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If you look at your $1,000 payment stub you will see that you paid $950 in interest and only $50 on the principle. If you send in just an extra $25 - $50 it will all go to principle. Some people send their tax return as a additional payment which will go directly to principle. One way or another the idea is to make extra payments that do not go to interest. |
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J A
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If you take your monthly payment and divide by 12, then add that to your normal payment (with instructions that it be applied to principal), you will pay your mortgage off 7 years earlier (based on a 30 year mortgage).
You can also consider refinancing over a shorter terms (say 20 or 15 years). This increases you payment as well. |
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Poo Monster
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Pay more money each week than required.
You could also do the following but you have to have discipline:
1. Put all of you monthly spending on a credit Card.
2. Put all of you income on to the home loan
3. At the end of the month transfer the excess money from the home loan to the credit card, paying it off completly. Do this evey month.
This will reduce the amount of interest you are paying as interest is calculated daily, therefore your contracted payments will go towards paying off a little more principle reducing the balance of your debt. As long as your can draw the money out of the home loan without a fee and transfer it to the credit card before interest starts charging(most credit cards have a 45 interest free policy), you will be a winner. |
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bandcamp
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change your pay cycle to bi-monthly (2x/month) instead of monthly. |
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Not Rep or Dem!!
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pay every couple of weeks and pay more when you have it. This lowers the amount of interest paid and the more you pay goes right off principal and also lowers the interest payments. |
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Patty O
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get money to pay it |
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Someguyinworld
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get money...? |
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