Paying Off Your Mortgage Years Ahead Of Time


THE CBS2 DANA TYLER SHOWS US THERE ARE WAYS TO SHAVE YEARS OFF YOUR LOAN Reporter: BOB PAID OFF NOT ONE, BUT TWO MORTGAGES AND IN HALF THE TIME IT SHOULD HAVE TAKEN HIM

THE AMOUNT OF MONEY YOU'LL SAVE IS AMAZING Reporter: IT'S NOT AS DIFFICULT AS YOU MIGHT THINK IT'S ESTABLISHING THE DISCIPLINE ONE WAY IS TO GET THE SCHEDULE FOR YOUR MORTGAGE Reporter: YOUR AMORTIZATION SCHEDULE IS A COMPLETE BREAKDOWN OF YOUR LOAN SHOWING YOU THE AMOUNT OF PRINCIPLE AND THE AMOUNT OF INTEREST COMPRISED IN EACH PAYMENT

TAKE A LOOK AT THE PRINCIPLE AMOUNT OF YOUR NEXT MORTGAGE PAYMENT IT'S USUALLY PRETTY SMALL COULD BE $100 OR $150, AFFORDABLE ADD THAT PAYMENT TO THE PAYMENT THAT YOU'RE MAKING AND YOU WILL LITERALLY SKIP THE NEXT MONTH'S PAYMENT Reporter: THAT EXTRA $100 OR SO A MONTH COULD CUT A DECADE OR MORE OFF YOUR PAYMENT SCHEDULE SAYS EXPERT BARRY HABIB

Reporter: ANOTHER IDEA TOO LOOK AT WHAT THE DIFFERENCE WOULD BE IN PAYMENT TO A 20 YEAR Reporter: CALCULATE THE DIFFERENCE AND MAKE THE 20-YEAR MONTHLY PAYMENT INSTEAD OF THE 30 YEAR THE DIFFERENCE IS LESS THAN WHAT MOST PEOPLE THINK IT'S NOT THAT MUCH MORE

AND SAVING THOSE TEN YEARS IS GREAT, SO WE HAVE A $400,000 MORTGAGE IF YOU WERE TO TAKE $1,500 FROM YOUR TAX REFUND EVERY YEAR YOU WOULD BE SAVING $72,56708 Reporter: IDACAR A REAL ESTATE AGENT IN MORRISTOWN SAID HIS APPROACH WAS TO MAKE ONE EXTRA PAYMENT A YEAR SO ONE EXTRA PAYMENT A YEAR IN THE SCHEME OF THINGS WILL SAVE YOU OVER $127,000

THAT'S 67 PAYMENTS YOU WILL NOT MAKE Reporter: ANOTHER WAY TO DO THAT, SWITCH TO BIWEEKLY PAYMENTS THAT WILL PAY OFF YOUR MORTGAGE THAT MUCH QUICKER Reporter: CREATING A TAX

Source: Youtube


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