Quick Tips for Paying off Your Mortgage

by The Donna Warfield Team 11/29/2020

Photo by ESB Professional via Shutterstock

If the thought of getting a mortgage and being in that much debt is stopping you from buying a home, plan to pay it off. Here’s how you can do it in just five to 10 years.

  • Live well below your means. If you can keep your mortgage payment to below twenty percent of your take-home pay, you’re on your way. That means that instead of buying a larger house in an upscale community, buy the nicest one you can in the neighborhood you can afford. When you do this, you’ll not only save on the payment but your energy and maintenance costs will be lower, as well.
  • Take a 15-year mortgage. Instead of the typical 30-year loan, opt for the 15-year choice. Your payments will be slightly higher, but they won’t be double. Use an online mortgage calculator to see the difference in the payment. You’ll be surprised at how much more affordable cutting the loan length in half can be.
  • Use an early mortgage pay-off calculator. Try plugging in different payment amounts to see how quickly you can pay it off. Adding as little as $100 extra each month can massively reduce the years to completion.
  • This next idea is easy if you get paid weekly or bi-weekly. Instead of making your mortgage payment once a month, pay half of it every two weeks. Using this trick allows you to make an entire extra payment each year, cutting months and years off your mortgage. If you do it to match your bi-weekly payments, you won’t even notice the additional payment out of your household budget.

Your Agent Can Help

When you’re looking for just the right house to put your plan into action, your knowledgeable real estate agent can find you the perfect one. Let them know what you’re trying to accomplish so that they match you to the right house at the right time.

About the Author
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The Donna Warfield Team

"THE DONNA WARFIELD TEAM" Donna Warfield & Kimberly Clark joined together in 2017 as The Donna Warfield Team of RE/MAX Vision as a "Mother/Daughter" Real Estate duo. Together we offer 36 years of experience and have been assisting buyers and sellers since 1994 "There is no substitute for an experienced Real Estate Agent who is able to advise & guide you through the entire process, eliminate obstacles, as well as being able to resolve any potential problems that may arise." A home is one of the biggest investments that you will ever have whether you are a 1st time buyer or a seasoned home owner considering selling your home, our goal is to educate our clients on what to expect along the way and to make your Real Estate experience a pleasant one! 

The Donna Warfield Team is the key ingredient to a "successful" Real Estate transaction......contact us today! We look forward to assisting you with all your real estate needs. 

Donna Warfield & Kimberly Clark