The other day, I published the article Paying Off Your Home Early. Like I said the other day, some people have a goal of paying off their homes early. I am one of those people!
Many people choose to pay off their home at a quick pace because it can really help lower a person’s budget. Many people have mortgages that consist of around 30% (and sometimes even more!) of their monthly income, and lowering a person’s budget by that much can really help a person out.
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It can make life seem much easier knowing that you have one less bill to pay. Maybe this one less bill will enable you do something with your life that you been wanting to do, but you’ve never felt secure enough.
If you want to pay off your home early, continue reading below!
Make more money.
If you are looking to pay off your mortgage, then you may want to look into making more money. If you could make $1,000 extra each month (or whatever amount), you could put all of this money towards your mortgage each month. You could designate any extra money towards your mortgage, so you don’t miss it as much.
For this, you could find a side job to make extra money, or you could even try to make more money with your main job such as through raises or promotions.
Cut your expenses.
The next way that you could possibly pay off your mortgage earlier is by cutting your expenses and putting all of your savings towards your mortgages. With more money each month being saved, it’s just more money that can be put towards your mortgage!
Change the way that you pay your mortgage.
There are little habits that you could start doing, which could help you pay down your mortgage a little bit more quickly. With each of these choices, you can shave years off of your mortgage because of interest savings. You could:
- Make an extra mortgage payment each year. This would mean that you would be 13 mortgage payments each year, instead of 12.
- Round up your mortgage payment to the next hundred-dollar mark. So, if your payment is supposed to be $920, you then would round-up and pay $1,000 each month instead.
- Break up your mortgage payments and pay once every 2 weeks. You will want to contact your mortgage company and make sure that they allow for you to do this.
Are you doing any of the above or something else to pay off your mortgage early?