How to Knock 8 Years off of Your Mortgage

I wanted to share one of my favorite tips for homeowners with you today. There are a couple really simple and easy ways you can shave eight full years off of the life of a 30-year mortgage at a fairly minimal cost.

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There's a really simple and effective trick for paying off your 30-year mortgage in just 22 years that I wanted to share with you. In fact, there are two ways.

Say it's tax refund time or Christmas, and you've come across a little extra money. Did you know that if you make a 13th mortgage payment each year, you'll knock eight years off of the life of your 30-year mortgage?

The second strategy is especially helpful for those who get paid on a bi-weekly basis. Instead of making a monthly mortgage payment, talk to your mortgage company about setting up bi-weekly payments on your mortgage. Since there are 52 weeks in a year, making half of your mortgage payment every two weeks rather than a full payment every month equates to making 26 half payments over the course of the year. Of course, that equates to 13 full payments a year instead of 12, which you would get by making one full payment per month.

Both options will save you thousands in interest!

Just like in the first scenario, you would knock eight years off of your 30-year mortgage. Think of the savings in interest!

If you have any more questions about this topic or you're thinking about buying or selling a home, give me a call or send me an email. I'd love to hear from you!