menu
Expert Word
Welcome to the stickK Expert Word
Paying Off Your Home Mortgage
By Jo Ellen Fritz   View more articles by this author
  Add a Comment    |    Bookmark and Share
October 21

 

It can seem like an overwhelming goal due to the size of the debt, but paying off your home mortgage early is possible.  Yes, you get a tax deduction for the mortgage interest on your tax return and yes, mortgage rates are at all-time historical lows.   Yet those individuals I talk with who have their home mortgage paid off early enjoy less stress during retirement without the expense of a monthly home mortgage payment. Those who have paid their home mortgage off early learned a long time ago that paying a dollar in mortgage interest to save twenty-five cents in income taxes was not for them.

 

First, determine your timeframe for when you want to have your home mortgage paid off.  If you have 29 years left on your 30 year mortgage and you are currently age 45 that means paying at your current rate you would have your home paid off at age 74.  If your plan is to retire from full time employment at age 70 then you would need to accelerate the payoff by at least four years.  

 

Second, make a list of what other debts you have.  If you have $10,000 in high interest consumer debt on credit cards or from an auto loan, then paying off those debts first makes the most sense.  You need to visit how you got that level of consumer debt and establish a plan for avoiding it in the future.  Do you have an adequate emergency fund of cash set aside?  If not, then build that up before you work on prepaying your mortgage.

 

Take a long hard look and decide if the house you are currently living in is one that you can afford.  Did you overextend yourself when you purchased this home?  Just because you qualified for the mortgage doesn’t mean that you are comfortable with the payment.  You may decide that you have too much house and determine that it is time to trade down in price.  Selling your home might be your priority at this time as opposed to prepaying the mortgage.

 

Finally, run the calculation to determine how much additional money you need to pay each month to get your mortgage paid by the date you have determined. You can find numerous calculators on the internet by searching for mortgage amortization calculators.  Set up your new mortgage payment amount to occur automatically so that you stick to the plan.  Make sure that you lender knows that the extra amount is to be applied towards the loan principal and not as an extra deposit to your escrow account. Then you can sit back and watch your mortgage balance begin to disappear.

 

  Add a Comment    |    Bookmark and Share

Comments

Post Message
DebSloan
DebSloan
July 8, 2022, 5:58:28 AM GMT
If not for the help of XAP Credit Solution I wonder what would have become my fate? In my credit report I had several misnomers that dropped my score down to 530 with lots of enquiries and derogatory items, this happened after I had Covid and lost my job as a result. It really messed my report up but I am happy I didn’t give up. Rather, I was able to contact Xapcreditsolution @ gmail .Com after I read lots of positive reviews about them on CK. XAP did the magic by boasting my score to high 700s across the bureaus in less than 5 days. They also erased the medical bills and the loan debts I had. I will always recommend XAP to anyone.
SmithBrett
SmithBrett
July 7, 2022, 7:27:23 AM GMT
I never knew any hacker can be able to recover stolen Bitcoin. I was scammed on a Telegram group early this year by a guy who promised to be paying 80% of my Capital every month. He lured me into investing about $84,000 worth of USDT and they kept telling me to increase my investment before I could withdraw my ROI. Just after I read about Hack West on Reddit, I decided to contact him, few days after my money was recovered. Write West via [email protected] or Whatsapp. + 1 424 307 2638.
cHArLIe62
cHArLIe62
June 30, 2022, 3:48:39 AM GMT
On my credit I had issues of payment irregularities, my credit score had dropped 509, with loads of negative items, this was as a result of being unemployed for a long time. I couldn't get a personal loan to cater for my three kids. I tried every credit hack on the book, but no positive result. I saw good reviews on Credit Karma about Rootkits Credit Specialist. I reached out to them reluctantly and we started the procedure. 9 days later I was told to check my credit report, and when I did, to my greatest surprise I was in the 790s. Right now I've been approved for a low interest rate loan. I'm Recommending their services as promised. You can contact them on Mail: ROOTKITSCREDITSPECIA [email protected] or Mobile: 815 524 8116.
VelaPhilip
VelaPhilip
June 27, 2022, 8:19:11 AM GMT
I’m happy I reached out to XAP Credit Plus and I never had any regret. I needed help with the National Credit Systems, they gave me a letter saying I’m going to pay them off and this is what we agreed to settle on and yet no good response from them. I cried for help because they are rude and I can’t get another apartment because of these people while they keep talking about a lawsuit with me and everything I needed to be helped with. This kept me worried until I came through a forum where someone mention XAPCREDITPLUS.COM and how they help with all kinds of hacking services; I contacted them and explained all my problems; he started with clearing negative reports and late payments before he bypass my credit, both mortgage and all inquiries have been wiped off and I’m proud to boast of 796 credit score across the 3 credit bureaus. For bad credit scores and more kindly contact XAP for good service via TG: @XAPCREDITPLUS

stickK Expert Word

   Career
   Diet & Healthy Eating
   Education & Knowledge
   Exercise & Fitness
   Family & Relationships
   Green Initiatives
   Health & Lifestyle
   Money & Finance
   Sports, Hobbies & Recreation
   Weight Loss
+
Server IP 10.0.0.173
Portal Id 0
User Id 0
Unix Timestamp 1732393346
Current Timezone GMT
Server encoding: utf-8
Assets folder: https://static.stickk.com/yii-assets/dcbc9e4e
Payment Type PRODUCTION
Your feedback has been sent. Thank you!
This website uses cookies to ensure you get the best experience on our website. Read our Privacy Policy
Loading...