Comments on: How To Pay Off A Mortgage Early

By: Craig

Craig — Wed, 19 Oct 2011 10:43:30 +0000

Perry,
Great job! That’s so amazing. Sounds like you’re doing some smart things getting all that debt paid off.

By: Perry

Perry — Tue, 18 Oct 2011 02:50:29 +0000

refi $144,000 in Feb 2008 for 15 years, on track to pay the mortage off April 2013 (5 years 2 months), plus paid off both 2008 vehicles earlier this year. I agree on the budget line, we have our mortage company pull an amount equal to 3 house payments every month, so we know we have to have the money in the account. We are very frugal in most areas which is allowing us to make the progress we have.

By: Craig

Craig — Wed, 07 Sep 2011 10:30:16 +0000

Mario,
Basically I suggest paying off as much as you can. If that is 3% or 30%. If you Google mortgage calculators you can play around with the numbers and see how much time and money you’ll save with your extra payments.

By: mario

mario — Tue, 06 Sep 2011 21:50:40 +0000

so do you recommend paying an extra 3-4% extra a month? how much does this generally reduce your payoff time by?

By: Greg

Greg — Sat, 26 Jun 2010 12:49:17 +0000

Until recently we were using the autopay feature through our lender with an extra $100 being applied to the principle each month. When we agreed on our budget for the month, the mortgage amount included the escrow and the additional principle. The $100 each month basically equals a full principle payment each year.

I say recently, because we decided to take the $100 and increase the amount being saved for college (two kids). The plan is take this years pay increase (in any) and apply that back to the mortgage.

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By: Craig

Craig — Wed, 02 Jun 2010 18:11:14 +0000

@Bret
Thanks for pointing this out. Honestly, I didn’t know that banks made a habit of this.

By: Hope to Prosper

Hope to Prosper — Mon, 31 May 2010 19:34:36 +0000

One thing you have to watch out for is that some banks will reamortize your loan when you make extra principle payments. My bank did this to me. I set up the autopayment to include extra each month and then I noticed my payments kept going down every six months. They were automatically reducing the payments to reamortize back to 30 years. So, I cancelled the autopayment and started making my own payments with Bill Pay.

By: Money Smarts

Money Smarts — Fri, 28 May 2010 15:30:34 +0000

Great points all around – I love the point about making extra payments an actual budget line item. I know we’ve made an extra payment on our mortgage this year, but far too often when we mean to pay extra, it doesn’t happen. Adding it to the budget would definitely help.