Owning a home is a significant milestone, but the long-term commitment of a mortgage can feel overwhelming. However, there are effective ways to expedite the process and achieve the dream of a mortgage-free life sooner than expected. Here’s how to pay off your mortgage in 10 years or LESS!
1. Lower Your Interest Rate
Refinancing involves replacing your current mortgage with a new one, typically at a lower interest rate. It's essential to evaluate the current interest rates and compare them with your existing rate to determine potential savings. Before proceeding with refinancing, consider the associated costs such as closing fees and appraisals. Calculate how long it will take to break even on these costs based on your monthly savings from the reduced interest rate.
2. Pay Extra
Consider how much more money you could be adding to your mortgage payments month over month. Not sure, visualize the difference of extra payment with our Early Mortgage Payoff Calculator! Input your interest rate, real loan balance, and the principal and interest portion of your payment into this calculator. Plug in how much extra you can pay per month and this tool will show you how much sooner you can pay off your mortgage, and how much you can save on interest!
Want to see each payment and how much closer you are to your payoff goal?!
You can pay off your mortgage in 10 years or less! By lowering your interest or diligently making extra payments, you can take significant steps towards owning your home outright. Tailor these approaches to your financial situation and set yourself on the path to achieving financial freedom sooner than you ever imagined!