If your mortgage seems to dropping at the rate of a sunset at the North Pole, read on. Don’t get me wrong a sunset which lasts longer than a few days would be great to witness. However a mortgage which lasts a day longer than it needs to be, is not even funny.
Moving faster towards your goal of becoming mortgage free can be easier than you think. Here is the impact of additional payments for a person with a home loan of $400,000 at the rate of 6% over a 30 year term.
$100 extra per month
Keep your minimum payments low to ensure that you can withstand any financial emergencies and still achieve similar results. You can do this by keeping the documented term at 30 years and keeping enough of your mortgage on floating or revolving to allow for the additional payments without penalty.
If it all sounds too complicated but you like the idea of getting rid of your mortgage faster, give me a call for a free consultation.
$200 per month
$400 per month
