How To Pay Off Your House Faster and Save Money Too

Posted by 7a'faR at 8:24 AM

Could mortgage freedom be more obtainable than you think?

But let's face it. You've just spent a lot of years getting no where on your mortgage. Isn't it time to get in control of your financial destiny?

In fact, what if you started today on a plan to be mortgage free and save money at the same time? But in order to reach mortgage freedom, you need an easy method for tracking your home loan balance. And that's why an amortization schedule is the focus of this article.

Mortgage amortization schedules allow homeowners to keep in touch with loan activity. These schedules are the key to mortgage freedom.

By the time you are done reading this article, you will have the opportunity to print your mortgage amortization schedule. When you look it over, three questions should come to mind.

1- Is my mortgage balance coming down quickly enough to meet my goals?

2- How much of my payment goes toward interest each month?

3- How much do I still owe on my mortgage?

As you discover the answers, it may make you feel uncomfortable. But the promise of mortgage freedom should be well worth your temporary discomfort.

You can expect this from mortgage amortization. If you are like the majority of borrowers, your home mortgage is spread out over 30 year. During the earliest years of your loan, the greatest portion of the house payment only goes toward interest.

In spite of faithfully paying the bank each month, after several years your mortgage balance has decreased very little. This contributes to the common feeling of being enslaved by a mortgage.

But there is no need to settle for this. In fact, I am going to show you how to pay off your house and save money too.

Keep in mind by increasing the amount you pay monthly toward principal, you can pay off your mortgage faster. And because you are learning the rudimentary basics of amortization schedules, you will be set for taking charge of your mortgage destiny.

Now here are some exciting facts for you. If you finance $200,000 for 30 years at 6%, by applying just $100 more a month to your payment, you knock almost five and a half years off your loan. That's not all. You also save about $49,000 in interest payments.

Let's take it a step further. By increasing the payment with an additional $100 monthly, freedom from a mortgage comes nine years earlier. And you eliminated a total of $79,800 in interest payments.

Think about that figure. $79,800. Now I can't speak for you, but most everyone who talks with me about paying off their house early has a use for $79,800. It is even likely that we could all state three favorite wishes without too much urging.

So it is time to begin dreaming about mortgage amortization because after all, the promise of mortgage freedom feels pretty great.

This information available as a self-help tool is not intended as investment advice. All numbers being estimates are for illustrative purposes. You are encouraged to seek personalized advice from qualified professionals regarding issues of a financial nature.



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